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◆ Fourth largest deal from any corporate in euros ◆ Concession needed to lock in size ◆ Marketed alongside debut Canadian dollar trade
Volumes and concessions are set to skip higher, hand in hand
◆ Safer credits prove popular in uncertain market ◆ Alliander sheds orders as it punches through fair value ◆ Argan ends near five year euro absence
Lull in dollar corporate supply supports spread levels
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Jitters around Italy’s political turmoil made its way to Asia’s bond and stock markets on Wednesday, forcing debt capital markets bankers in the region to hit the pause button on deals. -
Helaba and VC Trade launched a digital platform with the hope of transforming the market, but the big test was whether other arranging banks would be convinced to join up. Two months later BayernLB is co-arranging a transaction with Helaba — which could be the first sign of broader acceptance of the platform.
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China Overseas Grand Oceans Group (Cogo) raised a larger than expected $500m from a three year bond on Thursday, a week after pulling a 2023 transaction. Future Land Holdings Co also managed to woo investors to a $200m tap.
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Frozen bakery supplier Aryzta’s shares fell by as much as 30% on Thursday as it issued a profit warning that full year Ebitda was expected to be 9%-12% lower than guidance released in January. This is a cause for concern for Schuldschein lenders endeavouring to rid the market of the stench left by Carillion and Steinhoff.
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The Schuldschein market has been left with more questions than answers after a Moody’s report claimed IFRS 9 rules, which force liable assets to be marked-to-market, could implicate "liquid" Schuldschein loans.
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UK independent school Charterhouse has sold £35m of USPP notes to Pricoa Capital Group.
