Deutsche Bank
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French telecoms firm Altice called on the high yield bond and leveraged loan markets with a €4bn cross-border refinancing deal this week, hoping that improved quarterly results would help investors shake off the apprehension they showed for the credit in March. -
EQT is merging its hearing aid firm, Sivantos, with Danish peer Widex. The largest leg of its funding, a €2.6bn credit facility, has been launched in the leveraged loan market, which is digesting multi-billion deals again.
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Deutsche Bank’s additional tier ones soared in value by about three cash points at the beginning of the week, after the firm surprised investors by saying that it was expecting to make a strong profit for the second quarter of 2018.
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Chinese firm Aurora Mobile, also known as Jiguang, has kicked off the roadshow for its up to $126m Nasdaq IPO.
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Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.
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Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels.
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Investor appetite remains strong for longer dated euro SSA bonds, encouraging the likes of EFSF and KfW to tap the long-end of the curve this week. But the question is: will the demand last, and for how long?
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After three sterling bonds this week from the eurozone, the cross-border issuance in the currency reached its highest ever year-to-date level, according to Dealogic.
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The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.
