Deutsche Bank
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Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports. -
Dividend recapitalisation deals, such as the ones ChemicaInvest and Ten Cate launched this week, are on the rise. The move, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer’s market.
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Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.
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Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.
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Bpifrance on Wednesday became the second euro borrower to fail this week to reach full subscription, selling a €500m deal from a book of around €425m.
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Dutch polymer and resins group ChemicaInvest increased the size of its loan deal at the tight end of guidance on Wednesday, as it repriced its old debt and paid a dividend to its sponsors CVC and DSM.
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The barrage of Chinese debt issuers in the dollar market continued on Wednesday as four issuers ventured out with new bonds.
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Minas Gerais state power utility Cemig announced its second roadshow of the year the day after signing a R$4bn ($1.23bn) bank loan as it looks to improve its liquidity position via a renewed attempt to sell international bonds.
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Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.
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Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.
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The Islamic Republic of Pakistan has set the stage for a dollar-denominated sukuk and a dollar conventional bond, hiring banks for the transaction.
