Deutsche Bank
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Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond. -
SGG Group, the corporate and investor services firm based in Luxembourg and owned by Astorg, will fund its acquisition of UK peer First Names in the leveraged loan market, which has already enjoyed its busiest January ever in EMEA.
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French issuers ALD and Mercialys continued the triple-B theme of the week in the investment grade corporate bond market when the pair announced new deals on Tuesday. These followed three BBB+ rated credits on Monday.
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In July 2017, German property company Grand City Properties announced a tender of its 2021 bonds alongside a new nine year issue. On Monday it repeated the process, offering to buy what remained of the 2021 bond it didn’t buy in July and adding a tender for its 0.25% 2022 convertible bonds.
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Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.
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Deutsche Bank found fleeting funding consolation with a tightly priced Pfandbrief this week but, with a considerable funding requirement left to fill, the German bank is braced for a return to senior and subordinated markets where support is likely to be more flighty. Bill Thornhill reports.
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Daimler led three corporate dollar issuers on Thursday as the market stabilised and high grade credits showed their resilience after a stop-start week.
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The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.
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A jump in US Treasury yields following a higher than expected US inflation print could boost long end dollar supply from SSAs said bankers, although investors might be keen for concerns over inflation to die down first. Meanwhile, issuers have been focusing on short dated arbitrage style trades with benchmark issuance limited this week — and likely next week — due to the Chinese New Year holidays.
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National Australia Bank (NAB) and Société Générale issued Swiss franc bonds on Wednesday with tight pricing, in a sign that the market is luring financial borrowers to print opportunistically.
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US chip maker Broadcom has received commitments for a staggering $100bn funding package for its acquisition of technology company Qualcomm, with the companies meeting for the first time a few days after the record financing was announced.
