Crédit Agricole
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European high yield investors are as eager to buy bonds as their investment grade counterparts — the difference is, while IG issuers have been pouring paper into the market, high yield has been in a drought. But that is at last starting to break. -
High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.
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Rating: Aa3/AA-/AA-
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Ceva Santé Animale, a French company which develops vaccines and pharmaceuticals for animals, is preparing to raise a €2.15bn loan package to refinance and to pay a dividend.
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The State of Qatar wowed the financial world on Wednesday with a $12bn three tranche deal that gathered a staggering $50bn of orders.
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Bank of China paid a visit to the euro bond market on Wednesday, raising €500m through its Paris branch. It was just the latest Chinese financial institution to fund in the currency.
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Qatar launched a long anticipated triple tranche dollar benchmark on Wednesday, hitting three parts of the curve for what may prove the largest emerging markets deal so far this year. The deal had gathered more than $35bn of orders before the US open.
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Coke-based chemicals company China Risun Group has raised HK$1.68bn ($214m) after sealing its Hong Kong IPO just off the bottom of price guidance.
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Chinese home appliance company Midea Group is seeking banks for a $650m loan to refinance its acquisition of Toshiba’s home appliance business from 2016.
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The SSA euro market’s record start to the year shows no signs of slowing down, with bankers confident that the conditions which have helped draw record book after record book are here to stay. That backdrop helped Export Development Canada (EDC) to an excellent debut in the currency, as well as a very strong trade from the veteran European Stability Mechanism (ESM).
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Dollar swap spreads tightened dramatically in the middle of the week — with bankers at a loss to explain why — but the SSA sector was still “rock solid” in one syndicate head’s words, so the currency should be open for business next week. The only two dollar trades this week — a bond market return from CDP Financial and first deal of the year from Erste Abwicklungsanstalt — both went well.
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