Europe
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Swiss food and drinks company Nestlé extended and replaced €11bn worth of one and five year loans on Wednesday. -
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The sterling bond market is enjoying a golden age. That was in clear evidence this week when a German-focused property company with very few sterling assets to fund chose to sell its debut deal in the currency. Nigel Owen reports.
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In a busy week for utility company bonds Iren, the Italian electricity and gas distributor, on Tuesday announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.
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French laundry group Elis has entered the Schuldschein market in the hope of refinancing part of a bridge facility used in its £2.2bn acquisition of UK rival Berendsen.
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The private equity arm of Goldman Sachs has sold the last of its shares in Dong Energy, the Danish power company, for Dkr4.3bn (€576m).
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Yet another new London IPO was unveiled on Thursday, when ContourGlobal, the emerging markets-focused power generation company, said it would raise $400m to finance growth and cut debt, by selling new shares to institutional investors.
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Unrated jewellery company Folli Follie debuted in the Swiss franc bond market on Wednesday, having failed in a previous attempt — a sign that retail buyers are becoming more receptive, market participants said.
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Chlorvinyls firm Inovyn, a subsidiary of chemicals group Ineos, was on course to shave 150bp from its 2024 term loans in a repricing on Thursday. But market participants warned that the trade betrays signs of a lack of discipline in the market.
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The National Bank of Greece’s €750m three year conditional pass through (CPT) covered bond does not include an investor put option. Although the programme allows for put options it was not used in this week’s deal and is unlikely to be used in future deals, according to the head of covered bond structuring at UBS which arranged the transaction.
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Turkish oil refiner Tüpraş is on screens for the first time in five years, with the transaction expected to be successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.
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ASR Nederland brought its perpetual non-call 10 year restricted tier one (RT1) deal on Thursday, the first RT1 instrument to be issued in a core currency.
