Europe
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Shares in Laird, the UK supplier of mobile phone parts to Apple and Samsung, fell by as much as 18% on Friday morning after it announced its intention to launch a £185m rights issue to reduce its leverage after a profit warning in October. -
Two further French M&A loan deals are lined up to join the leveraged loan market, with sponsors finding the post-US election leveraged loan market increasingly accommodating.
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European Central Bank director general of market operations Ulrich Bindseil, said the central bank’s decision to raise repo haircuts for covered bonds with extendable maturities was purely for risk management purposes and should not be interpreted as a judgemental view of the structures.
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Catalent Pharma and Thomas Cook — a reverse Yankee issuer and a UK holidays operator — on Thursday released guidance for high yield deals amounting some €900m in a market that has been mute since November 15.
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Now in its 20th year, the Loan Market Association (LMA) faces tough paths to climb such as navigating the UK’s exit from the European Union, but the organisation is confident that its English law documentation will still hold its own.
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The busy equity block trade action in Europe since the US election has continued into its third week, though market participants are beginning to brace for the outcome of the Italian referendum on Sunday.
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As if Trump and Brexit were not enough for one year, the latest bout of volatility originating from the political sphere could be triggered this Sunday as Italy heads to the polls to vote on proposed constitutional changes and Austria selects a new president — for which Norbert Hofer, a member of the far-right Freedom party, is in the running.
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In a volatile year for European equity capital markets, with issuance down sharply, the Nordic region has been a bright spot, enjoying its second biggest ever year for issuance. Bankers believe that momentum will carry into 2017.
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Corporate bond investors are not taking Sunday’s Italian constitutional referendum lightly, but their minds are much more heavily focused on the European Central Bank’s meeting four days later.
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A pair of public sector borrowers hit screens this week for dollar syndications, providing an unexpectedly strong climax to 2016.
