Commerzbank
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Shares in Phoenix Group Holdings, the UK buyer of closed life insurance books, have gained 1.9% since the company announced on Wednesday the successful completion of its £735m rights offer to finance its takeover of Abbey Life.
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The German Pfandbrief issuer quickly executed a €500m 10 year mortgage backed deal on Tuesday hours before US election headlines hit the screens, even though it had not been in the market since 2012. -
Bank Muscat is preparing to refinance a $600m loan maturing in April next year and will likely aim to raise the same amount with its new facility, said one banker.
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Banks may lose out to other market players in competition to buy Commerzbank’s structured investment and ETF businesses, which will be on the market from next year, once they have been carved into a new entity. But investment banks are likely to be in pole position for the German bank’s exotic FICC derivatives book, also up for sale.
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The German Pfandbrief issuing subsidiary of the Dutch bank, ING Diba, is expected to open books for a 10 year mortgage backed deal, its first in three years.
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Private equity firm Ardian has turned to the leveraged loan market to fund its acquisition of German lighting provider SLV Holding from Cinven.
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Acciona, the Spanish infrastructure and renewable energy firm, has allocated its first Schuldschein, growing the deal by €50m and securing about the same pricing as (if not lower than) its latest syndicated loan.
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The African Export-Import Bank has launched its new money loan into general syndication with 12 lead banks for three tranches of two and three years.
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China Development Bank Hong Kong gave investors a dual option on October 27, issuing a five year dollar bond and a three year euro deal, finding space in a crowded market that saw six other trades hit the screens.
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Informa, the UK events and publishing company, has completed its £715m rights issue, which it launched in September to partly finance its £1.2bn takeover of Penton, a US competitor.
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A fourth issuer of the week has broken its record for longest dated syndication ever, while the European Financial Stability Facility wrapped up its 2016 needs with a trade that looked almost short end by comparison to the rest of the week’s euro supply.
