Deutsche Bank
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Leveraged buyouts are making a comeback in the European high yield market in October, with the new €1.3bn note for CVC’s acquisition of Italian pharmaceutical firm Recordati the latest example. -
A spike in US Treasury yields on Thursday had a knock-on effect on bond spreads in Asia, posing an additional challenge for issuers ready to head out the gates next week.
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Yankee banks continued to dominate the high-grade calendar as lenders from across the globe teed up benchmark deals.
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LeasePlan, the Dutch car leasing company, has launched its IPO on the Amsterdam and Brussels bourses, having filed an intention to float document on Thursday.
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Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.
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After celebrating German Unity Day on Wednesday, Deutsche Telekom (DT) wasted no time in getting back to its capital markets work with its first visit to the sterling market in 18 months, satisfying some of the latent demand in the currency.
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Ganfeng Lithium is set to raise HK$3.3bn ($421.6m) from its Hong Kong IPO on Thursday after pricing shares at the low end of expectations.
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A dearth of corporate bond supply on Wednesday, due to a German public holiday, was followed by deals from airport operators in two markets on Thursday. Aéroports de Paris (AdP) opted for the domestic route, while Heathrow made its first visit to the Australian market.
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Tencent Music Entertainment Group has started pre-deal investor education for one of the highest-profile IPOs by a Chinese firm in the US this year.
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The Ministry of Finance of the People’s Republic of China has mandated 12 banks to work on its planned $3bn return to the bond market, which could come next week.
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
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