Deutsche Bank
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Veteran Chinese dealmaker Henry Cai is said to be considering leaving Deutsche Bank after four years with the firm. -
Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.
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Two US blue chips issued a combined €4.8bn of bonds a day apart this week, demonstrating the euro market's attractiveness to US issuers and its capacity to absorb large amounts of paper. Bankers expect more US companies to dive in soon, while the swap market remains favourable.
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Deutsche Bank tapped into growing demand for yield pick up among Nordic investors on Wednesday, returning to the Swedish krona market for the first time since 2007.
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Korea Expressway Corp made up for its recent disappointment in dollars with a tightly priced Swiss franc debut on Tuesday.
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A short window of issuance is open for borrowers with dollar benchmarks to do ahead of the Thanksgiving holiday next week that heralds the traditional close of the market.
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High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.
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Fresenius Medical Care, the US subsidiary of German global healthcare group Fresenius, is closing books on a $4.2bn refinancing loan this week, offering margins at a level more familiar to investment grade borrowers than those in the double-B pocket.
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Turbulence hit a subordinated debt market that seemed to be about to hit its stride this week, as deals from Deutsche Bank and Erste Group slumped in the secondary market straight after sale.
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Hapag-Lloyd, the German container shipping company, jumped into the high yield bond market on Thursday for a drive-by sale of a €250m bond, to refinance a deal maturing next year.
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Belden, the US cable maker, has tapped its 2023 bond for €200m, triggering a one notch downgrade by Moody's to Ba2 — but investors shrugged off the change.
