Europe
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This week's scorecard looks into the progress European sovereigns have made heading into the final funding windows of the year.
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Civitas Social Housing, a Reit specialising in social housing in the UK, has raised £302m by selling 302m class 'C' shares. -
Global covered bond primary volume across all currencies is set to rise by €25bn from 2017 to €150bn equivalent in 2018 according to analysts at Crédit Agricole research. Issuance will be boosted by new borrowers and refinancing of liquidity borrowed under the term long term refinancing operation (TLTRO).
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UK telecoms firm Virgin Media increased its sterling loan offering on Friday, as recovering leveraged finance issuance in the currency seems to be leaving Brexit strains behind.
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Bakkavor, the UK fresh food company, has completed its £260m IPO on the London Stock Exchange, a week after it withdrew the deal, blaming poor market conditions.
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20 deals priced in European corporate bond markets this week, but the secondary market widened as equities fell on Thursday. Some of Thursday’s deals felt the effects of this in their bookbuild processes, and no deals were launched on Friday. So is this a temporary blip, or a more permanent widening?
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Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it.
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Typically, sub-benchmark size deals have to pay a premium to compensate investors for a lack of liquidity. However, with levels of demand meaning all deals are multiple times oversubscribed, these smaller deals are pricing in line with their larger peers.
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