Deutsche Bank
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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. -
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.
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A particularly poor third quarter has seen CEEMEA volumes down almost threefold from 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 poor performing new issues.
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WMF, the German kitchenware producer, widened pricing on its €615m leveraged acquisition loan this week, becoming the latest in a run of borrowers to do so in September as lenders find more lucrative opportunities in the US.
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Seven Energy made a successful comeback in testing conditions on Thursday. While it certainly paid for the privilege, having already secured strong anchor orders before proceeding, the trade signals that the miserable high yield market may be improving.
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Bonds newly issued by Polish chemicals firm Synthos had traded down more than two cash points by early this week, with some bankers blaming the deal execution and warning that the trade might have hurt the chances of other Polish firms wanting to access the market. Bankers on the deal defended the sale, saying the issuer had set a very ambitious price target.
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Seven Energy is about to make it second time lucky, as it readies to price a seven year non-call four offering on Thursday.
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Adidas, the German sportswear maker, issued its first bond for five years today, with a €1bn seven and 12 year offering. Adidas is a high quality name, but 12 years is an unusually long maturity for an unrated issuer, and with financial markets jittery again today, the deal may not have whizzed off the books as much as it might have in a more bullish atmosphere. Bankers said it widened sharply in the aftermarket.
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Enterprise Inns, the UK pub group, priced £249.521m of senior secured high yield bonds on Tuesday to yield 6%, as part of a liability management exercise.
