Deutsche Bank
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Allied Irish Banks again tightened guidance on its London and Dublin IPO this evening, moving the lower and upper limits to €4.30 to €4.50 a share. -
Two more dual tranche bond deals were priced in euros on Wednesday. BP followed a similar path to previous issues this week, printing eight year and 12 year tranches. However Safran, the French defence company, printed two year and four year floating rate notes.
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Allied Irish Banks has narrowed the price range on its IPO, having attracted a strong response from investors. The flotation is now likely to raise €3.1bn at the upper end of the range.
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CVC flexed its buyout muscles again this week, buying two European tech companies for more than €1bn, while Blackstone has agreed to a joint venture for its recently acquired cigarette filter making business Rhodia Acetow with a unit of US chemicals firm Celanese.
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High-end solar panel maker REC Solar has tasted success with its first Asian syndicated loan attracting enough demand for it to raise $330m after exercising a $25m greenshoe.
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Danaher Corp, the US healthcare technology group, issued a €850m dual tranche bond on Monday. The latest Reverse Yankee issuer found strong demand for both tranches, resulting in minimal new issue concessions.
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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.
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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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