Deutsche Bank
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Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors. -
Investors have fought back against the tide of leveraged loan repricings, forcing printing ink maker Flint Group to keep pricing at the wide end of guidance on its €1.5bn transatlantic deal.
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Shanghai Electric Group Company (SEC) has started taking bids for what will be the company’s debut euro-denominated bond.
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Hyundai Innocean and Mirae Asset Life Insurance have passed their respective listing hearings with the Korean regulator, adding a dash of excitement to what has been a quiet period in Korea’s IPO market so far this year.
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McDonald’s Corp fell victim to a lack of demand for long dated euro bonds on Monday. It was forced to pull the 20 year component of what had been planned as a four tranche deal.
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Adecco, the Swiss recruitment and employment agency, highlighted strong demand for corporate bonds in the eight year part of the euro curve on Monday.
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Indonesian airline Garuda Indonesia has mandated 15 banks to arrange its first dollar outing, which will be in sukuk format. Roadshows will take in the Middle East, Asia and Europe.
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The heap of failed IPOs in Europe this year is mounting, with another two deals cancelled this week, almost at the last minute before completion, write Olivier Holmey and Rashmi Kumar.
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The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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The 3M Co, the US maker of adhesives and a wide range of manufactured goods, highlighted a renewed bid at the long end for euro corporate paper this week, drawing a three times oversubscription for the 15 year component of a triple tranche trade.
