Europe
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Hurtigruten, the Norwegian cruise operator owned by TDR Capital, has agreed on final pricing on a €660m leveraged loan facility, raising enough debt to repay all its high yield bonds. -
Entertainment One, the UK media company, has tapped its 6.875% bond due 2022 for a further £70m, as it seeks to snap up the remaining stake in television studio Mark Gordon Co that it does not already own.
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State owned German rail operator Deutsche Bahn had a clear run at the euro investment grade corporate bond market on Thursday when it decided to sell its second bond of the year in the currency. The 15.5 year tenor it opted for extended its existing debt curve.
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United Utilities became the third UK corporate issuer to sell a sterling bond in 2018, when it printed a seven year deal 24 hours later than initially planned. The company held an investor call on Monday, but then paused for a day due to global markets' volatility, before launching the deal on Wednesday.
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Italian high speed train operator Italo pulled its IPO on Wednesday night, the day before the syndicate was due to release a price range, of €1.5bn to €1.6bn, in order to take a €1.98bn offer from New-York based private equity firm Global Infrastructure Partners.
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A plunge in global stock prices at the start of the week only closed the European investment grade corporate bond market for a day before Novartis attracted €6.5bn of combined demand for a triple tranche offering.
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Anglo-Dutch consumer goods company Unilever has become known in the corporate bond markets for its multiple tranche deals. Its latest deal is its third such trade in the last three years, and investors showed they still have plenty of appetite for the name, helping the company print its largest ever deal, despite market turmoil in the US.
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Global stock markets have suffered from volatility in recent trading sessions but European primary leveraged finance markets had already slowed down as investor pressure grew around a €1.4bn deal for storage firm Algeco Scotsman and the worrying performance of UK retailer New Look.
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Volatility returned to equities across the US, Europe and Asia this week, leading to the choppiest markets for some time. That presents a chance for the equity-linked debt market, write Aidan Gregory and Sam Kerr.
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TalkTalk Telecom Group, the UK provider of telecoms and broadband services, raised £200m on Thursday from an intra-day capital increase after issuing a profit warning.
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The sharp falls in global equity markets over the past week have dimmed some of the optimism around this year’s syndicated loan market in Europe, as lenders worry that chief executives will postpone IPO plans — and the growth financing required immediately after going public.
