Crédit Agricole
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Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand – a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well. -
Delachaux has finalised pricing on all three tranches of its €690m-equivalent seven year term loan ‘B', effectively tightening it, while revising its incurrence conditions on leverage.
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Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand — a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.
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The National Bank of Oman has mandated banks for its debut international bond and is meeting investors this week.
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Vallourec’s bond issue may have gone well on Tuesday, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year, but neither managed to tighten pricing from their initial thoughts.
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A Japanese lender has joined the eleven leads on Tata Steel’s multi-currency jumbo fundraising and three to four more banks are expected to come in before the loan goes into general.
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Reliance Jio Infocomm, the telecoms subsidiary of Indian conglomerate Reliance Industries, opened its $1.5bn dual facility refinancing loan for general syndication on September 19, with a mandated lead arranger and bookrunner group of 15 banks.
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Delachaux has finalised pricing on all three tranches of its €690m-equivalent seven year term loan ‘B and has revised incurrence conditions on leverage.
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Airbus Group, the French-headquartered aerospace company which used to be known as EADS, has launched syndication for its €3bn revolving credit facility, which is not due to mature until April 2017.
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Vallourec’s bond issue may have gone well today, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year – but neither managed to tighten pricing from their initial thoughts.
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Delachaux, the French industrial company is closing orders today for its €765m loan, which has attracted strong interest and been oversubscribed, according to a banker. The company will make adjustments to the tranche sizes and pricing.
