Commerzbank

UK private equity and investment firm 3i is adding debt to the mix for its purchase of a controlling stake in Christ, the German jewellery chain, and has mandated four banks to arrange the financing.

Raoul Hessling joined the debt capital markets team at BNP Paribas at the beginning of October.

The primary covered bond market picked up after a week without any issuance, just as the European Central Bank’s third covered bond purchase programme (CBPP3) got underway. All four deals issued this week were ineligible for the programme which, from a pricing perspective, made more a difference than their preferential treatment under newly established liquidity rules.

The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

Türkiye Iş Bankasi has tightened price guidance to 340bp area over mid-swaps on a 5.5 year dollar benchmark bond, bringing the third Turkish financial institution bond in a fortnight — after Yapi Kredi and TSKB — and offering around a 10bp new issue premium.

Metro, the German supermarket group, strengthened the narrative that Europe’s corporate bond new issue market is recovering, with a €500m seven year issue on Tuesday.

Turkish Development Bank Türkiye Sınai Kalkınma Bankası has tightened price guidance for its $350m five year bond to 387.5bp-400bp over mid-swaps. The bank released initial price thoughts for its debut at 400bp over mid-swaps earlier on Tuesday morning, having waited for a calmer market window since the end of its roadshow last week. Despite the tightening, one analyst still saw the pricing as generous.

Finansbank sold its fourth dollar denominated MTN on Monday as Turkish banks attract short-end investors with higher yields than their peers in other emerging markets such as India and China.

German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.

German ball bearing producer Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range, in response to weak demand from the US market.

Turkish Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.

German ball bearing producer Schaeffler will close books on its €1.8bn-equivalent term loan ‘B’ today. Early signs are that investors have received the familiar credit enthusiastically.