Commerzbank
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The European leveraged loan market is starting to look a lot like it did in May, with a table full of multi-billion deals and bankers concerned about how much this spike in issuance could play into investors’ hands. -
Akasol, the German battery maker, has narrowed the range on its €100m Frankfurt flotation a day before closing the books.
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Three banks showed they were thirsty for topping up on their existing stock of covered bonds on Tuesday, with Bank of New Zealand favouring the format over senior unsecured and Commerzbank tapping one of the four deals it has sold already this year.
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France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.
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The UK’s Synthomer plans to raise €600m through a revolving credit facility and privately placed notes, as the unrated chemicals company looks to refinance existing bank debt early.
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Commerzbank and Oma Savings Bank both said on Monday that they were looking to tap existing covered bonds, as issuers tiptoed into the new week monitoring primary market conditions closely.
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Ghana Coco Board (Cocobod) has closed the senior syndication of its $1.3bn one year annual pre-export finance facility, with a bank meeting due to be held on Monday, June 25.
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French toll road operator Autouroutes du Sud de la France kept up the positive tone in the IG corporate bond market with a 10 year deal on Thursday, which it was able to increase in size and price with a single digit new issue premium.
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Nigeria’s Access Bank has completed syndication of its one year loan. Lender demand pushed up the final amount raised by 58% to $158m.
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Coface Poland Factoring has signed a €300m-equivalent syndicated loan to partly replace bilateral credit lines, stretching out the average debt maturity for the Polish subsidiary of the French trade insurance company.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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