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Structured Bonds

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  • Less than two months after its last bond issue, HeidelbergCement was back in the market with a €500m eight year deal on Tuesday, paying the same yield as it had on a seven year in October.
  • As an important step in its revival, the CMBS market should rightly celebrate Goldman Sachs’ sale of bonds backed by Italian shopping centres. But the market has not yet played to its strengths and engaged with the more highly levered parts of the property market.
  • Astaldi, the Italian construction company, has tapped the seven year debut bond it sold last week at a much tighter yield.
  • Aeroporti di Roma entered the bond market as an unsecured issuer on Thursday, with a €600m no-grow bond that will partly refinance a 10 year old securitization. The success of the deal encouraged Ferrovie dello Stato, the state railway company, to press ahead with its own issue, also €600m.
  • K+S, the German potash and salt producer, raised €1bn on Monday with its third and largest bond issue, though bankers said it sold the bonds cheaply.
  • Goldman Sachs found enough investor demand to price all three tranches of its Italian CMBS, Gallerie 2013 Srl, at the tight end of — or inside — guidance. The deal has added to market expectations of even greater CMBS supply next year.