Deutsche Bank
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Santander and UniCredit reopened the door to the additional tier one market this week only to find what lay behind it was a very different dynamic from the one borrowers experienced before summer. An expected burst of supply is on the way and historically low coupons are causing investors to shy away from the AT1 from major European banks. -
From being all but frozen out of the capital markets a little over two years ago, eurozone periphery sovereigns could soon be in the position to dictate terms and push investors on duration, said bankers this week, following Portugal’s return to the 15 year part of the curve for the first time since the collapse of Lehman Brothers and Spain’s longest ever print. New measures from the European Central Bank that sent yields tumbling could put the sovereigns in an even stronger position, although that might not extend to Greece, which is planning a seven year bond for later this year.
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Europe’s corporate bond market burst into full scale action on Wednesday, after two weeks of sporadic new issuance. A €3bn deal from Sanofi, the French pharmaceuticals company, was joined by €1bn from Toyota Motor Credit Corp, €500m from property company Foncière des Régions and yet another small deal from Volvo (see separate stories).
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Senior unsecured supply for the autumn kicked off this week, with Deutsche Bank and Nykredit becoming the first banks to issue senior debt this month. With little recent supply, bankers away from the deals found themselves in disagreement over whether the leads had hit optimal pricing for the deals.
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Dutch business publisher Bureau van Dijk has started the autumn run of leveraged loan deals, launching a €620m loan to back its buyout by EQT.
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The wave of acquisition financings kicked off this week as Marathon Petroleum exploited the recent sharp rally rates and caught investors in eager mood following the August lull.
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European investment banks have managed to stem a decline in market share, making progress on capital and leverage targets, according to research from Deutsche Bank. The note, a outlook of the next 10 years in investment banking, also finds that a wide range of approaches means well-managed banks can prosper.
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Deutsche Lufthansa, the German national airline, announced on Thursday plans for a €500m five year bond, its first since 2009.
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Corialis - KKR's Finedining Capital - Douglas Holding
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Finedining Capital, a holding company owned by KKR, will launch a €615m loan to back its purchase of a 90.3% stake in German kitchenware producer WMF's preference shares.
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It was second time lucky for Khazanah Nasional this week, as the Malaysian sovereign wealth fund managed to complete a $500m exchangeable sukuk on Wednesday after pulling the same transaction just three months ago. Moving away from a very aggressive stance to slightly more investor-friendly terms helped get the transaction across the line, but it was an uphill battle all the way, writes Rashmi Kumar.
