Commerzbank
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Building materials company Knauf has signed a €4bn-equivalent underwritten debt package to go towards its purchase of US peer USG Corp, as lenders continue to reap the rewards of Germany’s booming M&A market. -
Supranationals found heavy demand from investors for privately placed taps of outstanding dollar and euro notes over the past week, with Asian Development Bank printing particularly heavy volumes.
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UK hotel group InterContinental’s debut euro deal was the smallest of three new corporate bond deals on Thursday after Wednesday saw no new issuance. While Allergan and BMW sold multi-tranche deals, IHG’s deal had been well flagged and still received due attention from investors.
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Barito Pacific and Bank Rakyat Indonesia have returned to the international loan market for new fundraisings.
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Bank Rakyat Indonesia has mandated 13 banks for a $700m multi-tranche borrowing, breaking a three-year absence from the loan syndications market.
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After a month of consistent spread widening in European corporate bonds, bankers are hoping for tighter pricing in November, but some investors say the new levels better reflect the value on offer in the market.
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Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.
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Österreichische Kontrollbank will complete its benchmark funding for the year with a no-grow $1bn five year. Meanwhile, Erste Abwicklungsanstalt has lined up its second dollar deal of the year in the three year part of the curve.
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Some Schuldschein investors claim a slew of transactions being shown to lenders have reached their desks only because the arrangers are trying to sell on their own exposure to troubled borrowers. But deal arrangers have reacted forcefully, and said such claims are sheer fantasy. Silas Brown reports.
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Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news.
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Industrial and Commercial Bank of China’s London branch priced its dual-tranche floating rate notes (FRNs) at the expected levels on Thursday, but issuers in the pipeline may have a hard time to pull off the same feat.
