Deutsche Bank
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A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday. -
Dongying Lufang Metals Material HK has rolled out a $200m syndicated deal with two mandated lead arrangers and bookrunners. It is looking to refinance a one year loan from last year that falls due soon.
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European corporate bond markets have quickly shrugged off the uncertainty surrounding the UK election result and central bank meetings, and look set for a busy end to June.
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Lenders that worked on a HK$4.851bn ($622m) leveraged buyout loan to support MBK Partners and TPG Capital’s acquisition of telecom firm Wharf T&T have thrown their weight behind the same sponsors for a potential bid for Hutchison Global Communications, said bankers.
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A call by US Treasury secretary Steven Mnuchin this week to lessen the capital burden on banks had a bigger effect on US rates than a well telegraphed Federal Reserve target rate rise, creating some breathing space in long end swap spreads. That could ease long dated public sector bond issuance, but with euro market offering enviable duration funding, there may not be a queue of borrowers ready to print, writes Craig McGlashan.
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The revival of equity-linked issuance in Europe continued this week with three deals, all of the kind investors are looking for: from smaller companies with higher credit spreads and interesting equity stories.
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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ALD, the car leasing division of Société Générale, priced its €1.15bn Paris IPO near the bottom of its initial range on Thursday.
