Europe
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Senior European fixed income investors believe high yield issuers will find it more difficult to refinance bond debt in the market in 2017, according to a Fitch survey — but around a third also tip the asset class as their favoured marginal choice. -
Commitments for CVC-owned French healthcare firm Elsan were due on Thursday for its €730m acquisition term loan, after guidance was tightened twice in an ever bullish loan market as the year end drew near.
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UK and Irish investors took the market by surprise hoovering up over 40% of Crédit Agricole’s market opening senior non-preferred trade this week, though French accounts took the bulk of Société Générale’s follow-up deal.
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The European Banking Authority published its final report on the design and implementation of the minimum requirement for own funds and eligible liabilities (MREL) this week, drastically reducing its prediction of how much debt banks will have to raise
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Turkey’s Elazig Hospital has placed an innovative project bond, the structure of which enabled it to achieve a rating two notches above the Turkish sovereign. With infrastructure financing needs huge in the emerging markets, the deal sets a strong precedent for future issuance.
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Innogy, the renewables, retail and grids subsidiary of RWE, is on course to be made liable for €10.1bn of bonds issued by its parent, after gaining approval from a majority of bondholders for a consent solicitation this week.
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UniCredit privately bagged an extra €500m of additional tier one capital this week, ahead of an ambitious plan to bulk up its common equity and clean up its balance sheet.
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US data centre firm Equinix has doubled the size of its euro term loan offering to €1bn, as it looks to acquire 29 data facilities from Verizon for $3.6bn, even as one investor noted an unusual 50% collateral cap on the firm’s secured debt.
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Fitch has hired the former head of loan capital markets within Commerzbank’s leveraged finance team, who joins the agency’s corporate rating operation.
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Lazard announced on Thursday that it has hired Will Lawes as a managing director in financial advisory, joining in January.
