Europe
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The corporate bond market is on fire with issuers bumping up deal sizes and printing well inside initial price thoughts. Market experts suggested an exemplary deal from Ericsson this week gave a hint to the changing tastes of yield hunting investors.
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United Overseas Bank this week became the first issuer to price covered bonds simultaneously in euros and dollars, helping it to attract new, especially Asian, investors. -
Banks hit the market with a host of very tightly priced preferred senior deals this week, and a growing pipeline suggested the trend in issuance was only set to continue.
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Three Central and Eastern European (CEE) issuers are lining up trades, as supply from the region begins to ramp up. Slovenia, the Slovak Republic and Polish corporate Energa SA all plan to bring euros in the near future.
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The spate of Reverse Yankee will grow on Friday with Avery Dennison Corporation expected with an eight year euro transaction.
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Details have emerged of the financing CVC will use to buy Polish retail chain Żabka Polska, its second takeover in the region.
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Nederlandse Waterschapsbank on Thursday brought the solitary SSA dollar deal of the week, taking advantage of “fantastic” conditions to raise $1bn of five year cash.
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Rocket Internet, the German internet venture capital group, closed 14% lower on Thursday after Kinnevik, the Swedish investment company that was one of its earliest backers, sold half its stake through an accelerated bookbuild after the stock had rallied over the past three months.
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Finnish technology company Nokia is set to become the first European company to issue a euro high yield bond for four weeks. Meanwhile, UK food producer Bakkavor will repay all its notes.
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Bpifrance Financement became this week’s third French public sector issuer on Thursday, scoring €500m with a tap.
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Jeanswear maker Levi Strauss priced on Thursday a new refinancing deal in euros, having been absent from the European high yield bond market for seven years.
