Deutsche Bank
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Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from seven lenders that made it in time for the loan’s early bird deadline in general. These banks will earn an early bird fee of 15bp for getting commitments in by October 6. -
Issuers of subordinated debt are likely to benefit from a wider range of investors in Swiss francs in the future. A Sfr525m deal from insurer Helvetia drew unprecedented institutional demand on Thursday, despite volatile trading conditions last week.
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Korea Exchange Bank (KEB) is looking to become the third Korean lender to tap the dollar market with a tier two bond, mandating four banks to handle the transaction.
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There's no end to Chinese companies seeking US listings, with eHi Car Services looking to raise $100m from an IPO on the New York Stock Exchange.
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The syndication of the $3.5bn bridge facility for Electrolux's acquisition of GE Appliances has closed oversubscribed, according to a banker at one of the leads.
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Atrium European Real Estate, an operator of shopping malls in central and eastern Europe, is meeting investors next week for a euro bond.
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Four issuers launched covered bonds from Germany, Sweden, Norway and Austria this week. The transactions were all well subscribed and priced tightly but the greatest degree of price tension was seen in deals that are expected to be eligible for the European Central Bank’s purchase programme.
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A particularly poor third quarter has seen CEEMEA bond issuance dwindle to a third of the amount in the same period last year. With Russia and Ukraine all but shut out of the capital markets, bankers have also been faced with choppy markets and poorly performing new issues.
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A pair of top quality issuers were the only borrowers in the sovereign, supranational and agency sector to get benchmarks away this week, as conditions that have been sizzlingly since the summer break showed signs of cooling.
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Adidas, the German sportswear maker, issued its first bond for five years on Wednesday. The company’s rarity, high perceived credit quality of around the single-A level and very strong brand name should have made this a triumphant deal, but in the treacherous conditions of this week it was a mess.
