Europe
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Some EU member states are nearing a compromise on a common financial transactions tax, something that has been discussed for almost a decade in the bloc, but has failed to materialise up to now. -
Investment grade loans in brief Pentair bumps up revolver with add-on deal Majestic Wine confirms potential store sale Borsig goes local for refi loan
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Broadview holding company brings rare Dutch Schuldschein — Prinzhorn keeps pre-summer Schuldschein rush going — Sick launches Schuldschein at tight margins — Salzgitter ramps up Schuldschein size
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Bank capital deals were firmly off the agenda this week as the FIG bond market followed equities into risk-off mode. Auto financing firm LeasePlan did find demand for an additional tier one deal and Credit Agricole printed an Australian dollar tier two, but otherwise a tense macro backdrop led issuers to stick to senior debt.
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A weakened corporate bond market on Thursday did not dissuade Telenor, the Norwegian telecoms company, from issuing a €2.5bn triple tranche deal. Competing for investors' attention was unrated Symrise, the German flavours and fragrances group, which managed to slash its pricing by 25bp-30bp without losing investors.
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Asset managers’ steady growth over the last 10 years is attracting the attention of regulators, who reckon they are of increasingly systemic importance to the financial system. But investment firms have pushed back, arguing that their activity is already well regulated and does not present the same risks as banks.
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Poland e-commerce platform Allegro has completed its Z2bn dividend recap refinancing, receiving healthy oversubscription with the participation of local lenders. But some in the market said that co-operation between international and local lenders in Poland has not been all sunshine and rainbows.
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The recent redemption of a Norwegian government bond has led to an increase in Nordic currency issuance this week, according to one MTN banker. The European Investment Bank and KfW tapped these released funds to raise a combined Nkr1.5bn ($171.2m).
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Société du Grand Paris (SGP) issued a 30 year bond on Thursday which extends its benchmark curve from 2034 to 2050.
