Top Section/Ad
Top Section/Ad
Most recent
◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
Elevated NIPs not to be uniform, with some sectors set to pay more than others
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
More articles/Ad
More articles/Ad
More articles
-
Acquisitions announced on Monday by Siemens, Merck and Arkema marked the continuation of a wave of European investment grade acquisitions, with varied outcomes for syndicated loan financing. -
Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions today, when it raised €3bn towards its €3.4bn acquisition of Jazztel, just eight days after announcing the bid. Orange did not use a bridge loan for the deal.
-
Vallourec’s bond issue may have gone well today, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year – but neither managed to tighten pricing from their initial thoughts.
-
Origin Energy has named Barclays, Goldman Sachs and UBS as lead banks in preparation for a five day roadshow across Europe and Asia for a possible hybrid capital issue.
-
China Railway Construction Corp (CRCC) priced its debut perpetual bond on July 24. Its investor friendly structure enabled the borrower to price with the lowest coupon of any senior dollar perpetuals from Asia, according to bankers.
-
Thai Airways has postponed its perpetual offering as it is yet to agree on the format of the bond. With the Thai militia wading in on the governance of its flagship airline, bankers say it is proving difficult to reach an agreement on the perp's structure with investors.
