Commerzbank
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Turkey’s first privately owned development and investment bank Turkiye Sinai Kalkinma Bankasi (TSKB) has refinanced a loan which matured last Wednesday with a $297m facility from a syndicate of 18 banks. -
A sell-off in rates over the last few trading days should support the European Financial Stability Facility’s first trade of the third quarter, said bankers. The supranational mandated banks on Monday for a dual tranche trade in the belly and long end of the euro curve.
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The European Investment Bank this week celebrated the 10th anniversary of its printing of the first ever green bond with the longest dated deal in the format from a supranational or agency — and at double its initial size target. The trade is also a further indication that green bonds can trade tighter in secondary than conventional paper.
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Swiss life sciences firm Lonza launched a €300m debut Schuldschein on Monday, offering dollar and euro tranches to attract, among others, Singaporean, Malaysian and other Asian lenders looking to lend dollars.
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The Loan Market Association has appointed four new board directors following its annual general meeting on Wednesday.
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Germany’s Jost Group, which makes safety systems for trucks and trailers, wants to list in Frankfurt to raise €130m of new capital and a yet-to-be-determined amount for the selling shareholders.
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Lonza launched a €300m Schuldschein on Monday. The Swiss medical firm’s debut Schuldschein comes denominated in dollars and euros in a bid to, among other things, attract southeast Asian lenders, with natural dollar lending needs.
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International schools operator Nord Anglia has tightened pricing and accelerated the deadline on its $1.22bn-equivalent euro term loan, while up to six leveraged loans are due to close syndication at the end of the week.
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On Wednesday BP became the third UK issuer to sell bonds in euros this week. The €1.5bn dual tranche deal followed oil entering bear market territory on Tuesday.
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Increasing numbers of commercial banks are investing in seven year Schuldschein loans, as attractive pricing and allocation is luring the lenders further along the credit curve.
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It is often suggested that issuers have to pay up for issuing sub-benchmark sized deals. However, this week two corporate issuers printed successful €300m transactions with little discernible premium compared to benchmark transactions.
