Europe
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There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared. -
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Unicaja Banco, the eighth largest bank in Spain by assets, has announced its intention to float on the Spanish stock exchanges, joining Ireland’s Allied Irish Banks in the pre-summer IPO market.
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A group of European parliamentarians is pressing Mario Draghi, president of the European Central Bank (ECB), to make full disclosure of the corporate bonds the Eurosystem central banks have been buying under quantitative easing. But bond specialists believe transparency would backfire, sparking new market distortions, write Victor Jimenez and Michael Turner.
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The loan backing 3i’s €247m investment in Formel D, the German car and car parts services firm, is due to be launched into syndication in early June, in a leveraged loan market just about ticking over.
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Barclays has sold more than half its stake in Barclays Africa, its separately listed South African subsidiary formerly known as Absa Bank, through a huge R37.7bn ($2.9bn) block trade on Wednesday night that was covered in 45 minutes.
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Corporate bond issuance in Europe slowed to a trickle on Thursday after a gush of trades on Wednesday, as investors said they were growing increasingly tired of the recently popular execution method of offering a chunky spread at initial price thoughts, only to tighten markedly by final pricing.
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KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.
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The Irish government has fired the starting gun for the IPO of Allied Irish Banks (AIB), a potential €3bn deal, even though this means it will be in the market right through the UK general election, writes Aidan Gregory.
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Struggling Croatian food conglomerate Agrokor wants fresh financing from its biggest lender Sberbank, adding to its existing €1bn debt with the bank and said it is close to a new loan from other banks.
