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Financial services firm Fiserv mandates dual-tranche euro trade
◆ Heathrow and ADP offer concessions for longer dated trades ◆ Investors 'more selective' and 'want to be compensated' past 7 years, says banker ◆ Avinor's state-owned status helps it land through fair value
◆ No bitter unrated taste as book grows throughout pricing ◆ Investors keen for household unrated names ◆ Price discovery needed
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Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market. -
JP Morgan is running the acquisition financing for Ion Investment Group’s purchase of Italian banking software group Cedacri, a major shift for the finance, technology and data group, which has relied on Credit Suisse and UBS to fund its spree of its debt-fuelled acquisitions. The group also turned to high yield bonds for the first time recently, a major departure for a company which once prized the privacy of the loan market.
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Crédit Agricole has promoted four staffers to fill vacant and newly created positions in its debt capital markets leadership team, including global head of financial institutions DCM and head of European corporate DCM.
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Hong Kong's embattled Cathay Pacific Airways is gauging the market’s response for a new dollar bond, its first international outing in more than two decades.
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EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.
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Crédit Agricole emphasised high levels of activity in syndicated loans and fixed income, especially among French clients, as it revealed a strong set of quarterly earnings on Friday.
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