Europe
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Aston Martin printed a $150m senior secured private placement (PP) this week at a racy yield of 12%. But some investors felt was more like an equity raise — stirring memories of the firm’s torrid IPO in October. S&P showed no mercy at the iconic carmaker swelling its leverage, cutting its credit rating to triple-C. The firm is now placing its future in the hands of a new luxury SUV. -
The failure by Metro Bank, the UK challenger bank, to issue a £250m senior non-preferred bond this week throws the spotlight on the Bank of England, which could soon have to decide how to deal with Metro if it fails to meet a year-end deadline for raising bail-inable debt. Tyler Davies reports.
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Investors have not completely shunned Libor-linked floating rate notes from public sector borrowers, as a trade from Swedish Export Credit Corp showed this week.
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UniCredit forms sustainability team — UBS looks to raise game in green with SEB hire — SG reshuffles Paris ECM line-up
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The postponed listing of the We Company, owner of office provider WeWork, shows that IPO investors are disciplined in their search for growth stories. Banks should recalibrate their relationships with private capital providers, says David Rothnie.
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Loan heads see green light flash across a torpid picture - Porterbrook launches US PPs under sustainability framework - Bunzl turns bank debt sustainable - ICBC London claims first in EMEA bank green loans
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Nederlandse Waterschapsbank (NWB) failed to reach full subscription for its 15 year water bond this week, with the lead managers having to step in to help the Dutch agency raise €500m. The issuer attributed the lack of demand to the weak eurozone economic data published during book building.
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The fragility of Europe's IPO market was hammered home again this week when software company TeamViewer, widely seen as the hottest flotation of the year, whose bookbuild had run according to the textbook, had the legs kicked from under it on its first day of trading after US and UK political shenanigans unnerved investors. Sam Kerr reports.
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Lecta has reached an ‘in-principle agreement’ with its creditors for a recapitalisation, which will cut the principal of its €600m senior secured notes by €380m-€400m in a debt-for-equity swap. The Barcelona-based paper company’s proposed recapitalisation qualifies as a distressed exchange, said Moody’s, and it slashed Lecta’s rating from Caa1 to Caa3.
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Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, has offloaded a small part of its stake in Kazatomprom, the state-owned uranium mining company, via an accelerated bookbuild on Wednesday evening.
