Citi
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Carrefour, the French supermarket chain, found strong investor demand for a €750m 10.3 year bond on Tuesday, when it became one of the first European companies to issue bonds after anti-austerity party Syriza’s victory in the Greek general election on Sunday. -
M&A deals driven by pharmaceutical companies betting on the prospects of late pipeline assets, such as Shire’s recent deal, look set to be a recurrent theme in 2015. Other M&A drivers will be small to medium size transactions in Europe and aggressive activity from US companies, say Moody's credit analysts.
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Republic of Tunisia made its standalone return to the capital markets on Tuesday with its first non-agency guaranteed bond since the Arab Spring.
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There is some overdue activity taking place in the Asia ex Japan high yield bond market with Delhi International Airport (Dial) sounding investors out for a seven year bullet on January 27. If successful, this could be the first major transaction for a sector that has been missing in action since the start of the year.
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The UK is set to price a tap of its March 2058 inflation linked Gilt on Wednesday, while investors suggested that the case for a new type of inflation linked bond is growing stronger.
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Vakifbank has released price guidance for the first ever Basel III compliant tier two trade from Turkey at 7% area. Bankers are expecting tightening as the deal offers 120bp-140bp over the trading of the bank’s old style tier two 2022s.
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Indonesia industrials are returning to the dollar bond market with MAXpower Group and Tower Bersama Infrastructure readying new deals.
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Enagás, the Spanish gas grid operator, priced a €600m 10 year bond last Friday. A strong bid for corporate bonds, fuelled by news of the eurozone quantitative easing scheme, helped the issuer to achieve very tight pricing.
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International Container Terminal Services Inc (ICTSI) has convinced more than half of the holders of its outstanding subordinated perpetual bonds to exchange for senior perp as part of a liability management exercise by the Philippine company.
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While US borrowers dominated senior unsecured issuance this week, Dutch lender NIBC Bank was also able to return to the euro senior unsecured market after an absence of almost three years.
