Deutsche Bank
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The tally of sterling high yield bond sales in January is on course to reach £2bn, a sensational reversal from 2016’s entire first quarter without issuance in the currency, with several issues this week despite news that the UK will seek to leave the EU single market. -
British American Tobacco’s (BAT) acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry which could see financing deals rolling up to capital markets, loan bankers believe. Silas Brown reports.
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Deutsche Bank’s decision to slash cash payouts for senior and middle ranking staff could set the tone for the other European houses, most of which have yet to announce their compensation rounds for 2016.
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Shares in Elis, the French bed linen and laundry company, fell 3% on Thursday after it set terms for its €324m rights issue to cut its leverage after buying Indusal in Spain and Lavebras in Brazil.
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A pair of German issuers tested the euro market this week, marking the first return of German senior debt since the country revised its law to subordinate the asset class within the insolvency hierarchy.
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DBS Bank issued its long-awaited debut euro benchmark this week with a choice of tenor and pricing that worked well for for the Singaporean lender. It may return later this year.
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Hapag-Lloyd, Germany’s largest container liner shipping company, sold a rare triple-C rated bond to high yield investors on Thursday.
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The Republic of the Philippines grabbed $2bn from investors Wednesday, after rolling out a new 25 year note with a tender offer for existing investors.
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Swedish Match is selling a 9% stake in Scandinavian Tobacco Group, the Copenhagen-listed cigar and pipe tobacco producer, this evening (Wednesday) though an accelerated bookbuild led by Deutsche Bank and Nordea.
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UK cable and mobile operator Virgin Media on Wednesday plugged its refinancing bond offering into the sterling market on Wednesday, raising total potential sterling high yield bond sales to near £1.7bn so far this year.
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British American Tobacco’s acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry, loan bankers believe.
