Deutsche Bank
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Yankee heavyweights ING and Santander rounded off a stellar month for US financials issuance with trades that pushed supply beyond $70bn.
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Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand – a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well. -
French reinsurer Scor ended a long hiatus from the euro market on Thursday, selling a perpetual subordinated deal to a warm reception. The deal stood in contrast to one from Dutch insurer ASR Nederland earlier in the week, which struggled despite juicy pricing.
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Delachaux has finalised pricing on all three tranches of its €690m-equivalent seven year term loan ‘B', effectively tightening it, while revising its incurrence conditions on leverage.
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Polish synthetic rubber firm Synthos made a strong debut on Wednesday with a €350m seven year non-call four debut offering. Rarity of supply from both the sector and from Poland buoyed investor support for the deal which offered a pick-up over the usual state and state-owned corporate deals from the country.
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Dollar demand for sovereign, supranational and agency names made its first signs of slowing this week, as one benchmark fell short of full subscription and other deals, while still oversubscribed, showed signs of demand being less exuberant than in the first weeks after the summer break.
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UK pub group Enterprise Inns has announced today a 5.75% minimum yield on a new issue of nine year secured bonds that it plans to price on Tuesday, as part of a liability management exercise.
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Magyar Export-Import Bank has returned to the bond market with a $500m long five year print. But unlike the borrower's last bond excursion, in 2013, the borrower this time chose to proceed without the World Bank's support in the form of a Multilateral Investment Guarantee Agency (Miga) guarantee.
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Acquisitions announced on Monday by Siemens, Merck and Arkema marked the continuation of a wave of European investment grade acquisitions, with varied outcomes for syndicated loan financing.
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Nigerian oil and gas firm Seven Energy is returning to the bond market after postponing a deal in late July, this time in a stronger position with commitments from two supranationals. It bodes well for a deal that a pack of prospective Africa corporate borrowers will be watching carefully, said bankers on the deal.
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UK pub group Enterprise Inns has announced today a 5.75% minimum yield on a new issue of nine year secured bonds that it plans to price on Tuesday, as part of a liability management exercise.
