Deutsche Bank
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UBS has hired Bryan Kuo as a director on its debt capital markets syndicate team. -
Debt markets are awaiting a wave of mergers and acquisition financings in the second quarter and later this year, as the boom in deals sparked by confidence that the economy is recovering from the coronavirus gathers steam. But the eagerness to lend will create tension between loan and bond markets, and deals are likely to get more challenging later in the year, write Mike Turner and Jon Hay.
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Commercial Bank of Qatar kicked off the second quarter with its first Swiss deal of the year. It was joined by New York Life, which raised Sfr475m as it benefited from its two triple-A ratings.
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The short Easter week saw a timid showing of new high grade corporate issuance in the European market but investors snapped up the trades that were on screens.
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BlackRock has signed a $4.4bn revolving credit agreement linked to gender and racial diversity metrics, becoming one of the most prominent companies globally to use key performance indicators focused on staff equality in its main bank line.
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Europe’s high grade corporate bond market was populated with well rated issuers on Wednesday, as triple-B borrowers took a cautious approach and stayed away after the Easter weekend.
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Synlab, the German laboratory diagnostic services company, has announced its intention to float on the Frankfurt Stock Exchange.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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Air France-KLM has revealed plans for a €4bn recapitalisation backed by the French government following approval from the European Commission.
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Chinese property developer Logan Group Co has returned to the dollar bond for the second time this year. It was forced to navigate a much more difficult market this time – and ended up paying around 20bp over fair value.
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