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◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
Investors maintain orders as issuers push tight, although some limits are appearing
◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier
◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
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Barclays' head of private capital markets for Europe, the Middle East and Africa has decided to leave the bank. -
Nordic broker Pareto Securities is looking to capitalise on the growth of the Schuldschein market and the instrument’s increasing popularity in its native region by advising and arranging transactions itself. But some traditional market players fear the Oslo-based firm’s association with high yield borrowers is a cause for concern. Silas Brown investigates.
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Some traditional arrangers of Schuldscheine, which see themselves as the guardians of the market’s probity, were horrified by the news that Pareto Securities is looking to set up shop on their front lawn. But the sort of companies Pareto is likely to bring will answer the prayers of some investors that the old guard have not. And with it, buyers will have to take greater responsibility for what they stick on their books.
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Subway operator Tianjin Rail Transit Group has raised a €200m Schuldschein loan, becoming the first Chinese company to tap this market. Bankers believe similar deals will follow, given the market’s appeal.
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PSA International, the Temasek Holdings-owned port operator, seized $500m from its return to the dollar bond market after a three year hiatus. It priced the 10 year deal right around fair value, thanks to its opportunistic timing and strong credentials.
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The local government has thrown a lifeline to Qinghai Provincial Investment Group Co, helping it pay off a dollar bond coupon a week after it was due. But more looming payment deadlines are set to cause the company a headache. Addison Gong reports.
