Deutsche Bank
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Yapi ve Kredi Bankasi is the first of the Turkish banks to follow a successful sovereign tap last week, and with Turkish bank debt well bid in secondaries, it will be expecting a better result than its last senior trade. -
Sri Lanka has chosen a consortium of six lenders to arrange an up to $1bn borrowing, after having invited pitches from banks in January.
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Citic and Xinyuan Real Estate are out with their respective bonds on a busy Tuesday in the dollar debt market, as China Jinmao Holdings Group also announces a tender plus new issue as part of its liability management.
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Deutsche Bank was looking to take advantage of tightening bond spreads as it tapped an outstanding senior bond on Monday, following closely behind a €500m tap of one of its floating rate notes last week.
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A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies.
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Reckitt Benckiser, the UK based health and hygiene firm, is progressing with its approach to buy US-based Mead Johnson Nutrition, with loan deals taking shape and the boards of both firms having waved through the $17.9bn transaction. The margins for Reckitt’s loans are “record low”, loan bankers involved in the transaction said, as investment grade borrowers bathe in bank liquidity.
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Japan Bank for International Cooperation (JBIC) made a rare appearance in three year dollars this week, opening the way for its peers to follow. But there is little in the dollar pipe from Japanese or any other SSA issuers — all of which are well funded — after a week when US rate expectations were jolted by comments from Federal Reserve chair Janet Yellen.
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Europe’s IPO market — sluggish, so far this year — is beginning to warm up, with the announcement of a smattering of new deals this week.
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Healthy secondary movements and successful new deals from Deutsche Bank and a second tier Italian name suggest investors are hungry for more FIG paper. Bankers are therefore hoping for a strong start to issuance next week.
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Reckitt Benkiser has invited as many as 30 banks to participate in a $21bn loan deal, as its all-cash acquisition of US-based Mead Johnson takes shape.
