Deutsche Bank
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Schaeffler’s holding company priced on Wednesday a huge four tranche PIK toggle bond, part of a comprehensive refinancing that will cut its debt load by €500m and push out its maturities. -
World Bank mandated banks on Monday for its first three year dollar benchmark since 2017.
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JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.
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Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.
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The dollar corporate bond market showed its resilience this week as issuance rebounded, despite the US-China trade turmoil. “Trump, Trump, Trump,” was how one syndicate manager explained the reasons for the return of volatility as high grade credit markets see-sawed with the President’s mood swings.
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Kangaroo investors filled their pouches to the brim with a bumper World Bank tap on Wednesday. The supranational reopened its February 2024 Kangaroo to print the largest Aussie dollar tap in the SSA market since 2016.
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Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.
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The World Bank sold its first 10 year euro benchmark since 2009 on Tuesday, with the supranational going slightly through its own curve on its return, according to onlooking SSA bankers.
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Commerzbank’s small and medium sized German corporate clients did not want to be serviced by the firm if it were merged with Deutsche Bank, according to Michael Reuther, head of the corporate clients unit at the former. His unit is now hoping to take more revenue from its existing clients, after growth in several of them in the first quarter.
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Logistics real estate platform ESR Cayman has been given the green light for a listing on the Hong Kong Stock Exchange.
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City of Paris mandated banks on Monday for a new 20 year bond that will extend its curve to 2039.
