Europe
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Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports. -
Dividend recapitalisation deals, such as the ones ChemicaInvest and Ten Cate launched this week, are on the rise. The move, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer’s market.
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Nordea beat the record for the lowest coupon on an additional tier one (AT1) bond in a core currency by some margin on Tuesday, pricing its deal at 3.5%. It had market participants wondering whether AT1 prices should be marketed at a spread over the base rate rather than as a coupon. At the same time, some said investors are showing complacency over the reset spread and call optionality they give issuers, writes Jasper Cox.
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Crane maker Konecranes raised €150m with a debut Schuldschein on Monday, as the Schuldschein market aims to set a new yearly record.
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The financial institutions bond market showed "discipline" this week, said market participants, with investors refusing to pile into every new deal amid a flurry of supply.
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Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.
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Sabre Insurance, the UK insurance company focused on higher risk car drivers, may be worth up to £600m when it lists on the London Stock Exchange next month.
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BGL Group, the owner of UK price comparison website Comparethemarket.com, has cancelled its preparations to list on the London Stock Exchange, after agreeing to sell a minority stake to Canada Pension Plan Investment Board.
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Rovio, the Finnish publisher of the Angry Birds mobile phone game, suffered a 22% fall in its share price on Thursday, after announcing its first set of results since its IPO.
