Danske Bank
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RPC Group, the UK plastic bottle manufacturer, has amended its £770m revolving credit facility agreement to include a £70m facility, which will part fund its acquisition of British Polythene Industries. -
Of the five IPOs due to reach completion this week, Norway’s B2 Holding finished its bookbuild today and Dong Energy has put out final guidance. Van Lanschot has also just revised its guidance. The other two — ASR Nederland and Basic-Fit — have still to refine their original price ranges.
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Dong Energy has narrowed the price range for its IPO, cutting off the bottom end of the range, after a banker on it said: “it’s about as strong an IPO as we’ve seen in a long time”.
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Undeterred by some investor wobbles around appetite for long dated maturity, Irish state electricity company Electricity Supply Board (ESB) came to market on Tuesday with a €500m 15 year bond.
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Dong Energy began the bookbuild for its Copenhagen IPO on Thursday, at a price range of Dkr200 to Dkr255 a share, which would give it a market cap of Dkr83.5bn to Dkr106.5bn ($12.5bn-$16bn).
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The Nordic loan market is set to enjoy a bumper second quarter of refinancing, with investment grade companies launching chunky deals ahead of the summer holidays.
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Danske Bank and Crédit Agricole were marketing similarly structured senior deals on Wednesday, but investors were more than happy to absorb them both.
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Germany’s HeidelbergCement on Wednesday issued a benchmark high yield bond that was rapidly increased to €750m while its final terms tightened 20bp from initial price talk.
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The Swedish firm Hoist Kredit, a subsidiary of Hoist Finance, on Wednesday sold its €250m bond to refinance a mixture of euro and Swedish krona floating rate notes.
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Arla Foods, the unrated Danish dairy cooperative, on Monday printed Skr1bn of notes, with issuance in the Nordic currency still lagging 28% behind last year’s figures.
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Danske Bank has filed to sell its first bonds on the Tokyo Pro-Bond market, as the yen sector looks set to get off the ground in 2016.
