Europe
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If there was any doubt that EM investors have plenty of cash to put to work, Turkey’s Coca-Cola Icecek (CCI) laid it to rest this week with a $500m deal that tightened 40bp from price talk and then rallied 20bp in the secondary market. -
Italy’s Banco BPM and the Netherlands’ de Volksbank have said they are looking at selling inaugural bond transactions in the public market since undergoing major changes in the way they operate, as the pipeline for new deals continued to grow this week.
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Money managers say that blended products are the most efficient way to invest in emerging markets as cross-asset class total return funds trump those with a sole focus.
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Commodity Futures and Trading Commission (CFTC) chairman Christopher Giancarlo on Tuesday warned Europe against "unilateral change" of regulatory arrangements on the supervision of foreign central counterparties (CCPs), railing against "piecemeal and contradictory rulemaking".
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Wednesday morning brought three new corporate bond deals, to add to the six already priced this week. Investors are being offered a diverse group of credits, and their appetite has yet to be sated.
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The equity blocks market extended a busy run this week, with a Bayer trade in Covestro on Tuesday night, and the second sell-down of shares in Ahlsell by CVC since its IPO in October last year.
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Japanese telecoms company SoftBank has done it again. On Tuesday, it replicated its 2015 success of a €4.5bn bond issued outside of the US high yield market with a new €4.75bn issue.
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Lion Capital, the consumer specialist private equity firm, has funded the acquisition of a controlling stake in sports nutrition brand Grenade with a credit facility from EQT.
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Austria, defying any concerns about the normalisation of monetary policy, launched the first ever 100 year syndication in Europe on Tuesday, exciting investors with a 2.112% yield.
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European banks are pushing the conversation on from simply meeting regulatory capital requirements towards optimising the cost of their capital stacks.
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Bayer, the German life sciences company, took one more step towards full separation from Covestro, the plastics company it span off in 2015, when it launched another block trade on Tuesday night for around €1.2bn of the company.
