Europe
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Porsche Holding, the car distributor headquartered in Austria, launched a triple tranche Schuldschein on Thursday, which offered tighter margins for floating rate notes — a near novelty in the Schuldschein market, but a novelty that made sense to many market participants. -
Spain this week built an €18.5bn order book for an inflation linked bond, its largest since its inaugural trade in the format in 2014, with much of the demand generated by bank treasuries attracted to the deal by new accounting standards that have eased hedging requirements. But while demand might have increased, bankers will still have to persuade borrowers of the merits of inflation-linked issuance, writes Burhan Khadbai.
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After a stellar public sector euro market in 2018, there were signs on several deals this week that demand has waned.
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The €6bn debt funding for AkzoNobel Specialty Chemicals’ buyout has some lawyers, bookrunners and investors in the European leveraged finance markets agonising over what they describe as an exercise in private equity firms flexing their muscles.
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It is the 10th anniversary of Lehman’s collapse and we are being inundated with retrospectives and predictions of what will cause the next crisis. Many are pointing towards emerging markets as a likely catalyst, a logical conjecture given the tightening in monetary policy that is underway in the US.
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SGL Carbon, a carbon product manufacturer, has issued a €159.3m unsubordinated, unsecured convertible bond to refinance existing debt and increase flexibility for further company growth.
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New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.
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The European Central Bank was confident enough in the state of the European economy to confirm on Thursday that it will cut its monthly bond purchases from €30bn to €15bn from October and that it still expects to close the programme at the end of 2018. While some credit traders welcome the move, others are worried that secondary market liquidity in corporate bonds is already starting to decline, writes Nigel Owen.
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German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.
