Europe
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The European Union’s rules to improve the resilience of money market funds came into force on Thursday. Investors expecting similar consequences to those which followed the US reform can breathe a sigh of relief. -
Energy utility company EP Infrastructure (EPIF), part of the Energetický a průmyslový (EP) holding group, has refinanced a €1.75bn loan from last year with a €1.95bn facility with 15 banks making it the first Czech Republic corporate loan of 2017.
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Of the near 20 borrowers in the leveraged loan market six are due to close this week, including business information provider Mergermarket’s £450m of sterling and dollar loans.
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The European Securities and Markets Authority (ESMA) on Thursday announced a new cooperation agreement with the Securities and Exchange Board of India (SEBI), that will secure it information on the ongoing compliance of Indian central counterparties (CCPs) with European Union regulation.
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After selling a green mortgage-backed covered bond to the International Financial Corporation and the European Bank for Reconstruction and Development (EBRD), Garanti Bank expects to sell its first publicly syndicated euro benchmark.
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For months investors have been complaining about how far pricing moves from initial price thoughts to guidance and again in final pricing in the corporate bond market. On Wednesday, Vodafone responded with a new approach to marketing. The response, however, was not what those involved expected, writes Nigel Owen.
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European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.
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National Australia Bank (NAB) came to the sterling market early on Thursday with a £500m ($648.75m) June 2020 senior bond.
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The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.
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A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.
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Deep into July, the European corporate bond market is in full voice. €23bn of orders for €7bn of bonds from seven borrowers printing everything from two year FRNS to 20 year bonds was the tale of the tapes this week. But still many market participants harp on about a summer shutdown as inevitable, despite all evidence to the contrary.
