Deutsche Bank
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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. -
Hungary printed its €1bn seven year bond on Tuesday with the lowest ever coupon and yield for a dollar or euro bond from the issuer.
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Ganfeng Lithium is enticing investors to its HK$5.3bn ($678.9m) Hong Kong IPO by pitching it at a juicy discount of as much as 55% to its Shenzhen-traded shares.
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Blackstone braved a difficult equity blocks market on Monday night to sell an 8.3% stake in Intertrust, the Amsterdam-based provider of trust and fiduciary services, for €120m.
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General Electric’s distributed power unit began marketing a $1.8bn leveraged buyout loan. The deal has high net leverage and tight pricing guidance, two of the possible risks in the market underlined by the Bank for International Settlements (BIS) this week.
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Mizuho has hired Mark Currie from Deutsche Bank as head of sterling rates trading.
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The orderbook for Republic of Hungary’s seven year euro benchmark has blasted past €2bn and leads have tightened price guidance — a move expected by rivals as they said initial talk looked cheap.
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RAG-Stiftung, the German foundation created in 2007 to support the discontinuation of the country’s coal mines, opted to a block trade alongside an exchangeable bond to sell a 7% stake in Evonik Industries, the German speciality chemicals company, for €1bn.
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Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.
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Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.
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Glencore financial entered the Swiss franc bond market on Thursday, raising Sfr175m with a six year bond. The deal was smaller than previous issues in the currency from the Anglo-Swiss commodities company, but was inside dollar funding levels.
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