Crédit Agricole
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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. -
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.
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The European high yield bond market welcomed a bursting deal pipeline this week, leaving behind last week’s sabre rattling between investors and issuers.
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French property company Gecina latched on to the latest trend for issuance in the multi-tranche European corporate bond on Tuesday, with a short dated floating rate tranche following other issuers to have done the same recently.
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Dollar borrowers wrapped up their funding projects before the July 4 holiday weekend and dodged a global sell-off as central bankers pointed to the end of monetary stimulus.
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Korian, the French group that provides care homes for the elderly, on Wednesday became one of the very few companies to have issued a convertible bond structured to gain equity credit under IFRS.
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So far this week, euro corporate bond investors have had to choose between three tranches from an individual issuer. On Wednesday, they had a choice of three issuers, with different ratings and offering different tenors.
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Buyers considering Klöckner Pentaplast’s €1.6bn loan and Manutencoop's high yield bonds forced the issuers to sweeten terms this week, in a now rare sight in the leveraged finance market.
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Korea Development Bank (KDB) added a dash of variety to Asia’s green market on Tuesday with its inaugural $300m deal, finding support from a combination of dedicated green funds, as well as conventional investors. Typical of issuers from South Korea, the policy bank did not pay any new issue premium for its fundraising.
