Deutsche Bank

Paolo Cicchine will join Deutsche Bank as vice-chairman of global healthcare coverage.

Investors have piled into bonds to fund the buyout of UK theme park operator Merlin, despite the covenants on the unsecured debt being considered the worst ever. Meanwhile, the “net short” provision, designed to curb CDS investors, looks to have made it to the final documentation for the first time in a European deal.

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations. But bankers say it is unlikely many issuers will follow suit. Addison Gong reports.

Kommunalbanken has picked the banks to lead its first euro benchmark since 2017, while the European Stability Mechanism has sent out a request for proposals for its upcoming transaction.

Chinese real estate company Kaisa Group Holdings chose to go down the 144A route for its latest bond, raising $400m from a deal that hit the higher end of its size expectations.

Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names.

Investors pounced on the opportunity to buy a bond with a positive yield in the euro market by KfW on Tuesday. Elsewhere, the Asian Development Bank drew strong demand to sell its biggest ever green bond in euros following its debut in 2018.

German property developer Garbe Industrial Real Estate has postponed the IPO of Logistrial, its logistical properties unit, according to three sources familiar with the matter.

DBS has hired Deutsche Bank’s former Indonesia country head to run its institutional banking group in the southeast Asian country.

SoftwareOne Holding, the KKR-backed IT services company, is making good progress on its IPO on the SIX Swiss Exchange, despite market sentiment being hit by the poor aftermarket performance of TeamViewer, the German software company that listed in Frankfurt last month.

The six biggest US investment banks alongside three European firms have created DirectBooks to assist primary market bond sales. It aims to start in the US investment grade corporate market before branching out to other fixed income products.

A scorching week in the dollar market provided some $18.5bn of funding from issuers across the SSA spectrum. Maturities from three to 30 years were accessed, and each deal enjoyed strong demand and well-filled books.