Europe

Paddy Power is looking to sell US private placements in the next few weeks, according to market participants, as the Irish bookmaker is set to recreate the success of Australian peers in the market.

Barcelona-headquartered paper company Lecta is appealing to bondholders as it tries to strengthen its capital structure. Its bonds are now trading in the 30s while the CVC-sponsored company has fully used its revolving credit facility and is running out of external sources of financing.

J2 Acquisition Ltd, a blank cheque company set up by former Jarden Corp chairman Martin Franklin, has signed a multi-billion dollar acquisition deal, almost two years on from its $1.25bn IPO on the London Stock Exchange.

ING and RiverRock have struck a deal to give the asset manager access to ING’s pipeline of senior loans, as part of the launch of RiverRock’s debut senior loan fund. The Dutch bank, unlike other commercial banks, committed to avoid cherry-picking its pipeline, and to show RiverRock everything that was eligible for the fund.

Danaher printed its much anticipated €6.25bn jumbo bond issue on Tuesday. The US conglomerate, rated A2/A, focused its five tranches on intermediate to longer tenors, which corporate syndicate bankers took to indicate where many investors want to put their money.

Edenred, the French provider of corporate vouchers, has reopened the European equity-linked market after the summer with a €500m sale of convertible bonds due in 2024 that attracted more than 100 investors, according to sources close to the transaction.

Deutsche Hypo, Erste Group and Credit Agricole SCF have mandated leads for covered bonds that are all expected to carry negative yields.

Amélie Négrier-Oyarzabal has joined Greenhill & Co as head of France, and will lead the opening of a Paris office.

Bank of Ireland abandoned plans for a new €300m tier two on Tuesday after struggling to build much enthusiasm around the transaction. Market participants said the Irish lender had fallen victim to growing fears of a ‘no deal’ Brexit.

ING sold a dollar-denominated additional tier one (AT1) this week, adding an influx of supply in the asset class in recent weeks. It will have the option to redeem its new bonds twice a year after the first call date, instead of the usual five years in all of its outstanding bonds.

A transparent pricing approach was integral to the success on Tuesday of UniCredit AG’s (HVB) five year Pfandbrief, which was launched with a deeply negative yield.

Credit Suisse was marketing a 10 year bullet senior bond on Tuesday, avoiding negative yields by choosing a tenor longer than seven years. At the same time, Sparebank 1 announced it was readying its green debut in senior format.