Deutsche Bank
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The Republic of Indonesia printed its second ever bond in euros on July 23 as it continues to expand its funding sources in a bid to diversify away from dollars. While the sovereign made a conscious decision to pay up to achieve its aim, market participants are split whether the cost of diversification was worth it. -
Two Chinese issuers in the commodities sector – China Oilfield Services (COSL) and China Minmetals Corp – launched bookbuilding for dollar bonds on July 23. But there was little concern about the competition as the borrowers only looking to raise $1bn each and bankers were confident about the amount of liquidity in the market.
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The European high yield market this week saw towering deals like SoftBank’s $4.5bn and Synlab’s €1.1bn, but investors also found a place in their portfolios for smaller notes.
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Germany dominated covered bond supply this week with four banks raising €2.5bn after collecting orders of nearly €6bn in total.
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Verallia, the French glass bottle maker, has accelerated the bookbuilding for a €1bn leveraged loan as investors have gobbled up the acquisition debt, asking for big tickets.
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J Sainsbury, the UK supermarket chain, raised £500m of hybrid capital on Thursday with twin issues of a convertible bond and a regular hybrid bond.
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World Bank reopened the tricky 10 year part of the dollar curve this week, paving the way for further issuance at the long end by public sector borrowers.
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Time Warner issued a well received eight year euro bond on Tuesday, as it finally pulled the trigger on a trade that was first mandated at the end of April.
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In what was hailed as a momentous, perhaps record breaking, week in high yield finance, Japanese telecoms operator SoftBank took the crown by raising the year’s biggest Asian offshore high yield deal, writes Victor Jimenez.
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Synlab, the German laboratory services provider, is being acquired by private equity firm Cinven. The deal will be partly funded with €1.08bn of high yield debt which was priced on Thursday.
