Deutsche Bank
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Indonesian palm oil seller Royal Industries has failed to repay the first and second installments of a $405m loan raised in 2015, and has now proposed a restructuring. -
China Reinsurance (Group) Corp and China Cinda Asset Management Co ventured out on a busy Thursday with their respective five year prints that saw investors stand firmly by their sides. The two took a combined $3.8bn.
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Hindalco Industries’ qualified institutional placement, which launched on Thursday night in India to raise up to Rp33.4bn ($500m), is set to price with no discount to the last close, bankers on the deal said.
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BASF launched an innovative $600m bond with warrants on Thursday that may go some way to solving some of the disadvantages of the equity-neutral structure that has become popular with investment grade CB issuers.
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Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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UK gaming group GVC Holdings has signed a €320m loan package marking its entry into the syndicated loan market in a deal said to have been heavily oversubscribed.
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German card payments firm Concardis this week increased the term loan backing Advent International and Bain Capital’s buyout of the firm to €300m, reducing price guidance in the process, in a market still waiting on larger buyouts such as Cerba Healthcare to be syndicated.
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The European high yield bond market has rebooted after a February in which US firms dominated sales, with so many local issuers now coming forward that high yield bankers have started worrying that March could be overcrowded if the entire deal pipeline materialises.
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UBS’s co-head of global capital markets for Australasia Dane FitzGibbon is leaving the bank, according to sources close to the move.
