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Foreign corporate issuance running at record high
Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March
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Iren, the Italian utility, sold a €300m green bond on Thursday, being the only name to brave the markets on the same day as the European Central Bank meeting. -
Mid-December is rarely the perfect time to take out more than €1bn of LBO financing, but 2020 has been full of surprises, and BC Partners’ acquisition debt for its investment in Italian machinery maker Industria Macchine Automatiche (IMA) flew off the shelf — though not without a tweak to the most aggressive documentation terms. Plenty of other high yield issuers also spotted the window, which looks set to make this December record-breaking.
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Capital markets professionals are resigned to a no-deal Brexit, after UK prime minister Boris Johnson and EU Commission president Ursula von der Leyen failed to find a way through an impasse in trade negotiations over dinner on Wednesday. Equities are set to suffer the most, and the ability of UK companies hurt by Covid-19 to raise capital is now in serious doubt. Sam Kerr, Lewis McLellan and Mike Turner report.
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Direct lender Alcentra has raised €557m for its second European fund focusing on stressed and distressed debt. AlbaCore closed a new disclocation fund with $1bn of commitments this week, too. Both aim to tap into companies that have fallen down the credit spectrum during the pandemic.
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Axactor, a Norwegian debt purchaser firm, has launched a refinancing of its €200m 2021 bond alongside a rights issue, and a clean-up of its capital structure, which will "increase its capacity for new investments in a highly attractive NPL market".
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Sanofi, the French pharmaceutical company, has signed €8bn of syndicated loans, claiming to be the first large biopharma group to switch its syndicated bank lines to sustainability-linked metrics.
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