Crédit Agricole
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The European leveraged finance markets are licking their lips in anticipation of a new €2.5bn deal backing Bain and Cinven’s takeover of Stada Arzneimittel, the German generic drug manufacturer. -
SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.
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South Korea’s Nonghyup Bank reeled in investors for its $500m five year bond at the start of the week, pricing the notes flat to its existing curve.
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Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.
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A special purpose vehicle under India’s Greenko Energy Holdings is ready to market a dollar green bond, while Hong Kong’s Castle Peak Power Company is looking to sell what it is calling an energy transition bond.
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South Korean agricultural lender Nonghyup Bank began marketing a five year dollar transaction on Monday morning, returning to the debt market after about nine months.
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Carmila, the retail property owner and manager owned by Carrefour, has bagged €503m in a capital increase, after acquiring a listing earlier in June by merging with Cardety, a smaller French property company.
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Leveraged loan investors have recently started to win victories on deal terms, but on Thursday French engineering firm Socotec brought confirmation that market conditions are still in favour of borrowers. However, another of this week’s deals underlined the fact that investors can sometimes succeed in getting better terms.
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Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.
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Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.
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Instituto de Crédito Oficial sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.
