Europe
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Rating: A2/A/A- (Moody’s/S&P/Fitch)
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An overnight sell down in Playtech, the UK gaming software maker, on Monday raised £337.3m for its founder, in what was seen as his exit from the company. -
French property company Gecina latched on to the latest trend for issuance in the multi-tranche European corporate bond on Tuesday, with a short dated floating rate tranche following other issuers to have done the same recently.
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Spanish lender Unicaja Banco got its €687.5m IPO over the line on Thursday, helped by a strong showing from US funds and rising confidence in European financials.
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On Thursday, Volkswagen Leasing became the second German auto related issuer to print a triple tranche this week. However, it opted for shorter tenors than Daimler had on Monday.
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Italian debt servicing firm DoBank started bookbuilding on Friday for an IPO of up to €292m in Milan, as an expected increase in troubled loans spurs investor interest in the sector.
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Delivery Hero, the online food ordering platform backed by Rocket Internet, bagged €866m in its IPO on Wednesday after closing a heavily oversubscribed book.
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Ireland has printed just shy of the 50 year part of the euro curve using a pair of private placements, a market it has used with increasing frequency over the last year.
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Two public transport operators offered deals to the sterling market this week, with varying success. Demand was strong for both deals, which had similar tenors, but one enjoyed a smoother pricing ride than the other.
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On Wednesday, Heathrow returned to the euro bond market for the first time in over two years, with rates volatility providing a turbulent backdrop for the deal.
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At various points over the last five years, and even before that, those in euro corporate bonds have grown excited about the establishment of the long dated market. However, the 20 year to 30 year area of the curve has been the least predictable and most difficult thing to hit — the one iron in the market’s golf bag.
