Deutsche Bank

Schott, the German glass company, has refinanced a five year revolving credit facility with a three year deal, amid a push from lenders to reduce the maturity of their loan portfolios.

Two CEEMEA issuers, Egypt and Hungary's Mol, are in the market this week to raise funding. According to experts, issuers are eager to get their funding in before expected geopolitical and coronavirus-related volatility impacts markets.

Julius Baer returned to the dollar additional tier one (AT1) market on Tuesday, having pulled a transaction last week. It changed bookrunners, shortened its call period and offered a higher coupon to get its deal away this time.

Experian Finance, a credit scoring company, was out in the sterling bond market on Monday as a slew of euro corporate bond mandates hit screens. But the flurry is unlikely to lift a lacklustre September and a final quarter issuance window stymied by the US election means that analysts expect euro debt volumes to be almost flat on 2019.

Caesars Entertainment, the US casino operator, is in advanced talks to buy UK gambling company William Hill for £2.9bn in cash. The deal will be financed with an equity raising by Caesars of about $1.7bn and a new $2bn non-recourse loan, secured on William Hill's non-US assets. It may be the start of a cascade of M&A.

Caisse d’Amortissement de la Dette Sociale is set to return to the social bond market in euros after setting the size record for the format in the currency earlier this month — a feat it also recently achieved in the dollar market.

The Arab Republic of Egypt has mandated banks to arrange its debut green bond, which will be the first sovereign green bond from the Middle East and North Africa. The deal, according to bankers, has been in the works for over a year and has been delayed by the Covid-19 pandemic.

Manfred Knof's appointment to succeed Martin Zielke as Commerzbank chief executive has been welcomed by market participants, ahead of an expected strategy update at the German bank.

BP has priced the largest corporate bond buy-back ever conducted in Europe, acquiring $4bn worth of eight euro and sterling bonds, as it deploys the cash it hauled in with its $12bn hybrid capital issue in June.

After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency.

Turbulent conditions forced several banks to delay bond issuance plans this week, and one even pulled a transaction after launch. Deal flow is likely to pick up again soon, but the cost of funding is certain to be higher, writes Tyler Davies.

The frenetic pace of the high-grade dollar bond market slowed on Thursday as investors showed signs of indigestion.