Deutsche Bank
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Sberbank has released initial price thoughts in the mid-to high 200bp over mid-swaps area for a 5.5 year euro denominated bond, offering around a 10bp new issue premium at the tight end and 35bp at the wide according to an investor considering the deal. Tightening is expected before pricing later today. Books are over €1bn.
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Indonesia Infrastructure Finance, which opened up a $200m loan into syndication in April with the backing of International Finance Corp, has closed the deal at a larger size of $250m after the syndicated portion was oversubscribed. -
Gallant Venture has closed syndication of its three year $166m loan, having reduced it from the launch size of $410m after selling two Singapore dollar bonds in April and May. But despite getting commitments from 23 banks in general, the borrower ultimately chose only four lenders to join the deal.
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US technology firm Custom Sensors and Technologies has cut margins and allocated a $590m loan.
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Aluminum manufacturer China Hongqiao successfully closed a dollar transaction on Thursday after having previously made two failed attempts to debut in the market. However this around, Hongqiao was well received by investors and the issue was 15 times subscribed.
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Société Generale continued the rush to boost capital by tapping the 144A market with an additional tier one deal.
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Cyprus drew a flock of international investors to its comeback five year syndication this week as Greece mulled its options for a second syndication of the year. But concerns are growing that a wave of volatility may be about to confront investors in an ever more frenzied hunt for yield as banks take up the European Central Bank’s targeted long term refinancing operations (TLTROs) later this year.
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Participants in the high yield market expect at least two to three years of low defaults and favourable economic momentum, according to polls conducted during Deutsche Bank’s 18th annual European Leveraged Finance Conference in London last week.
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M7 Group, the Luxembourg satellite and online TV broadcaster, will allocate a €110m ‘C’ tranche on Thursday to expand an existing loan.
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Munich Re could potentially shave another 75bp off the price of its cover for US hurricane and Australian cyclone risk next week, after putting out price guidance for the tenth catastrophe bond from its Queen Street platform.
