Credit Suisse
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Picard Surgelés, the French frozen food producer and retailer, sold a €770m bond on Wednesday, of which €602m will be used to pay a dividend to shareholders. -
Over 50 lenders are said to be interested in Indian integrated oil company Essar Oil’s advance payment based loan with offtaker Oil Bridge, with banks from Europe, Taiwan and the Gulf among those that are considering joining.
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Tuesday brought three block trades in Europe’s equity capital market. The European Bank for Reconstruction and Development sold its whole 5.1% stake in PKP Cargo, a Polish rail freight operator, for Z197m (€47m) via Goldman Sachs and Wood & Co.
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UBS and Credit Suisse tackled the damage to their profitability from the Swiss National Bank’s abandonment of the Swiss franc-euro peg in their full year results this week.
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Covered bond issuer PS Hypo sold the first syndicated Swiss franc bond with a negative yield on Wednesday as part of a Sfr965m ($1.0bn) four-tranche deal.
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With up to $50bn of additional tier one deals expected to hit the bond markets this year, bank funding teams are praying that this evolving but crucial asset class can settle down and help them meet their capital needs.
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Wittur, the German lift components producer, has become the latest midmarket leveraged loan borrower to join this year's rush to market with a covenant-lite loan - and like the others, has been forced to widen its pricing.
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Credit Suisse said in its full year results profits would be hit by 3%, thanks to the appreciation of the Swiss franc and low interest rates. But group profits for the quarter, at Sfr1.18bn, were a huge improvement on the Sfr529m loss made in the same quarter last year, as the investment bank remained profitable, sucking up losses incurred by non-strategic businesses.
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Peruvian conglomerate Intercorp Perú will buy back some $238.175m of its outstanding 8.625% notes after 95.27% of investors holding the $250m notes agreed to tender their paper before the deadline of 4pm London time on Tuesday.
