Deutsche Bank
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Equity-linked bond issuance, lagging behind demand in Europe, showed a burst of vigour on Thursday with the launch of three deals, including substantial convertibles for Vinci and Severstal that were both eagerly received. -
A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.
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Shares in RPC Group, the UK plastic packaging maker, closed 5.8% lower on Thursday after it announced a fully underwritten £552m rights issue to finance its takeover of Letica, a US rival.
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It took a trim of the offering size and issuer’s leverage ratio to sway high yield investors, but French glass packaging manufacturer Verallia finally priced its new bond on Thursday.
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Elis, the French bed linen and laundry company, has completed its oversubscribed €324m rights issue to finance the reduction of its leverage after buying competitors Indusal in Spain and Levebras in Brazil.
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Istituto Centrale delle Banche Popolari Italiane (ICBPI) on Thursday sold a payment-in-kind bond to fund its latest acquisitions in the consumer card sector.
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Latvia is on course to become the first Baltic state to tap the 30 year maturity after emerging with pricing on a dual tranche euro deal.
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Future Land Development Holdings is hunting for $350m from a new three year note launched on Thursday morning, with pricing tightened aggressively at the end of the day.
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French bottle maker Verallia served on Wednesday an updated version of the offering it had to pull in October, when its shareholder Apollo disagreed over the terms with investors. The deal is now smaller, and the issuer less leveraged.
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Two public sector borrowers had very contrasting fortunes with no-grow three year dollar bond issues on a volatile Tuesday.
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Two weeks after printing €250m of triple-C rated notes, container shipping company Hapag-Lloyd on Tuesday sailed into the market for an add-on.
