Europe
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Emerging markets bankers have been moving towards unsecured debt and lower pricing in the Russian loan market, however the latest round of US sanctions has dragged Rosneft’s long-running $5.2bn acquisition loan back into the spotlight. Bianca Boorer reports. -
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Only two issuers raised sterling debt this week, with car finance company GM Financial and UK property company Shaftesbury Chinatown printing £640m between them.
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The euro market sprang to life in earnest this week, producing three well-received benchmarks but, given a risk-laden backdrop and monetary policy outlook, some SSA bankers are surprised to see investors so eager to put their cash to work.
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The European leveraged finance market is set to contend with loan deals approaching €4bn for the start of September. Over half of that is for the German pharmaceutical firm Stada — a deal that could help make funding more expensive for everyone else, writes Victor Jimenez.
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SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.
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Europe’s equity block trade market made an impeccable start to its autumn season on Wednesday night, when two repeat sellers brought trades in familiar, recently floated stocks, and both found strong demand.
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Rating: Aa3/AA-/AA-
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Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved.
