Deutsche Bank

The Lebanese Republic finished an exchange offer coupled with a tap and a new benchmark bond this week. It priced the new bonds with small premiums and secured its highest participation rate ever for an international exchange, said a banker on the deal.

Though it is only the first chunk of Numericable’s debt for the takeover of mobile phone operator SFR, the €5.6bn-equivalent term loan 'B' launched on Wednesday is already breaking post-crisis records.

PSA Peugeot Citroën has signed a €3bn dual tranche loan to refinance early a loan maturing in 2015.

Gulf Keystone Petroleum priced its $250m 2017s on Tuesday with a semi-annual coupon of 13%, the highest interest rate offered from the CEEMEA region since South Africa’s Edcon sold €425m 13.375% 2019s in November.

Turkey priced a €1bn 12 year euro transaction almost flat to its secondary curve this week, although there was some disagreement about where the borrowers outstanding euro bonds were trading before the new launch. But bankers on the bond argued that a slim concession, strong oversubscription and an impressively granular book had made the deal a clear success.

Allied Irish Bank will sell its second senior unsecured benchmark since the crisis on Wednesday afternoon, a curve extending five year trade that has drawn a favourable response from investors.

Pakistan made an impressive return to the bond market on Tuesday night with a $2bn dual trancher that was well received by US investors though received a cooler reception from Asian accounts as the frontier economy ended a seven year exile from the capital markets.

A quiet first quarter of FIG issuance from Latin America has urged the region’s banks into a bond market that has delivered tightly priced bonds, said bankers. Santander Chile was the latest to benefit, selling a $500m three year FRN on Tuesday.

Chinese company Giant Investment, which is taking private online game developer Giant Interactive, has opened up its $850m leveraged buyout loan to the market, with a starting margin of 450bp over dollar Libor.

Vivendi has made up its mind — its French mobile phone unit SFR will go to Numericable, the highly leveraged cable operator, as it had always intended, and not to Bouygues, a grand French industrial company and investment grade borrower.

Greece’s return to the debt capital markets this week appears to have had little problem finding demand, with indications of interest on the new Reg S/144a April 2019 benchmark already in excess of €11bn on Wednesday afternoon.

Two banks are tipped to win the mandate for Indonesia Infrastructure Finance’s fundraising plans of $200m, according to bankers.