Europe
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Apax Partners and Fortino Capital have mandated banks for a €360m debt package to finance the merger of Maltese telecom firm Melita and Vodafone Malta. -
Standard Chartered has become the first non-Chinese bank in Singapore to close a dollar-renminbi FX forward trade via the onshore China Foreign Exchange Trade System (CFETS), the firm said in a statement on Thursday.
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There are few barriers and obvious incentives to entering the non-preferred senior market. Smaller European banks should join the party.
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Moody’s covered bond ratings are now almost as lenient as those of DBRS, which shouldn’t weaken faith in either agency — arguably, it is Fitch and S&P that have lagged behind. But as the ECB stops buying, trust in ratings will be all the more important.
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Holders of International Bank of Azerbaijan’s eurobonds reacted with fury this week to restructuring proposals that offered a 20% haircut for conversion into sovereign risk.
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A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades.
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The euro high yield market was dining on small portions this week, and there's little prospect of a sustained return to high volumes — despite the two chunky deals expected soon.
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Holders of International Bank of Azerbaijan’s Eurobonds reacted with fury this week to restructuring proposals that offered a 20% haircut for conversion into sovereign risk.
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The drought of equity-linked bond issuance in EMEA has suddenly ended this week, with the launch of two deals in three days, by GN Store Nord, the Danish maker of hearing aids and audio devices, and Impala Platinum Holdings, the South African mining company.
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The relief rally sparked by Emmanuel Macron's victory in the French presidential election is yet to fully evaporate and the Europe's public sector borrowers have been taking full advantage of it. Read on to see how GC BondMarker voters rated France's return to capital markets as well as the rest of the benchmarks.
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Oesterreichische Kontrollbank this week became the latest public sector borrower to return to the sterling market after a lengthy absence — and was rewarded with its largest ever issue in the currency at £350m.
