Europe
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VFS Global, a tech services specialist for governments across the world, is reducing the cost of its subordinated debt by increasing the size of its term loans ‘B’ to pay down more expensive second lien loans. -
A light week of supply in the corporate bond market, which still boasts a healthy pipeline, might have people expecting a rush of supply ahead of summer holidays, but bankers are not so sure.
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A slew of deals hit screens in sterling this week, allowing SSA borrowers from three continents to pick up a combined £1.175bn ($1.55bn) in funding — including one borrower’s largest-ever deal in the currency.
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After a long hiatus, the Italian financial institution bond market exploded into life with week with two covered bonds and one debut unsecured transaction. Though demand was clearly more nuanced for the second covered bond, bankers were hopeful others would soon follow. Bill Thornhill and Jasper Cox report.
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A German sub-sovereign astonished the SSA market this week, selling a 50 year benchmark to show that, despite the expectations of rising rates in euros, some investors at least are still happy to put money into assets at the ultra-long end. Lewis McLellan reports.
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A pair of European agencies have increased their funding target ranges for 2018 as they prepare for the second half of the year.
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Banks and insurers look set to pounce upon any more stable market days over the coming weeks to print deals before they enter blackout periods and the summer shutdown. Several took that approach this week by bringing deals on Wednesday, which was US Independence Day.
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The Netherlands could be at the beginning of a crackdown on tax benefits for additional tier one (AT1) capital, after the European Commission said that state aid concerns had convinced it to take aim at provisions that allow banks and insurers to deduct tax from interest paid on the instruments.
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It is common for a firm to have an association with an adjective. The description is often derogatory, so acquisitive companies are often said to be rapacious. For Glencore, the commonly used adjective is secretive.
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Equity capital markets are firmly gearing up for summer and investors are looking beyond to autumn and the next batch of European IPOs. But many are limiting their expectations given the number of high quality companies this year that have been sold privately, rather than through an IPO.
