Deutsche Bank
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Korea Hydro & Nuclear Power (KHNP) is out with guidance for its second dollar bond of the year. It priced a three year floating rate note in May. -
German ball bearing manufacturer Schaeffler intends to issue €1.2bn-equivalent of senior secured bonds, making it the first high yield issuer in Europe to announce a new deal for nearly a fortnight.
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Hong Kong headquartered NewOcean Energy Holdings has signed a $105m three year loan with six lenders. The loan was raised via subsidiary Sound Agents and comes with a covenant relating to NewOcean’s shareholding.
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Fund managers and capital markets bankers blamed the lack of liquidity in bond markets, caused by bank regulation, for exacerbating price swings in credit markets and US Treasuries this week. This kind of volatility might just be something investors have to get used to, they warned, writes Tessa Wilkie.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich was the latest in a series of transatlantic M&A related loans for investment grade German borrowers to close oversubscribed. Banks have plenty of cash and are keen to use it, but a trend for large tickets and slim banking groups means there may not be enough to go around.
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Market volatility and a sharp downturn in sentiment kept FIG supply light this week, with just Deutsche Bank choosing to access the market in euros, tapping a seven year note. Expectations are for supply to stay light given the sudden sell off across many asset classes that followed weak US data on Wednesday afternoon.
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A pair of dollar deals in the sovereign, supranational and agency sector failed to cross the line this week, coming on a day when turbulent US Treasury markets made book building tough. Issuers lining up deals for next week may have to be prepared to pay more of a new issue premium because of this week’s tricky conditions.
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German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich has closed oversubscribed, with banks eager to accept a large portion of the bridge facilities.
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German ball bearing producer Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range, in response to weak demand from the US market.
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A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads. The money will be used to refinance the outstanding portion of the debt Tata took to fund its acquisition of Europe’s Corus Group.
