Deutsche Bank

Sri Lanka has picked a consortium of six banks for a $1bn borrowing, just months after wrapping up its last loan. A pick up in sentiment around the country and its reliable track record means the latest deal will do well in syndication, with heightened interest from India providing additional momentum. Shruti Chaturvedi reports.

Deutsche Wohnen, the German housing company, has raised €1.34bn of equity and convertible debt at attractive terms, in what bankers have claimed is the first three-legged trade of its kind in Europe.

Bravissima Holding, an investment vehicle controlled by Bain Capital, has hired Deutsche Bank and Nordea to sell a 12.1% stake in Bravida, the Swedish heating, plumbing and electrical installation company, through an accelerated bookbuild launched after the market close on Wednesday.

Yapi Kredi reopened the Turkish financial bond market on Tuesday, garnering a $1.2bn book that was sticky enough to allow the issuer to tighten pricing 37.5bp — good news for the $3.7bn worth of Turkish financial senior bonds that will need refinancing this year.

Senior and covered bond spreads have plunged to new lows in the FIG primary market this week, with a host of banks looking to lock in unprecedented funding levels.

Equity capital markets issuance in EMEA is already nearly €5bn ahead of last year's pace, at €19.6bn so far this year, and the total is set to nearly double this week when UniCredit completes its €13bn rights issue.

China Lodging Group has enlisted a single bank to help it arrange a $500m financing for the acquisition of hotels in the Mainland.

The Indian government kicked off a two-day bookbuild on Wednesday to sell 5% of its stake in Bharat Electronics worth Rp16.8bn ($250.9m).

The Asia debt market saw a fresh rush of dollar deals on Wednesday, with property names China Jinmao Holdings Group and Xinhu Zhongbao, as well as Singapore’s United Overseas Bank launching new deals.

Deutsche Wohnen, the German housing company, has launched this evening a parallel issue of €500m of new shares and an €800m convertible bond, breaking a quiet spell in Europe’s equity-linked market.

Companies were able to tighten pricing on euro deals this week, as investors said they expected the corporate market to keep shrugging off the political headline risks in Europe that have prompted widening in some government bonds.

French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.