Europe
-
E.ON’s spinoff of Uniper, its fossil fuels operations, will be completed within weeks as preparations for a listing in Frankfurt near completion, with joint global coordinators JP Morgan and Morgan Stanley potentially first in the queue to handle residual sales of stock over the next three years. -
Rhätische Bahn entered the Swiss franc market on Monday for the first time ever with a Sfr200m ($207.6m) nine year and fifteen year dual tranche deal.
-
Commerzbank and Sparebank 1 Boligkreditt have mandated leads for 10 year euro covered bond benchmarks after WL Bank issued a 10 year on Monday. Deutsche Pfandbriefbank is due with a dollar-denominated Reg S covered bond benchmark, while the main supply in capital comes from DBS Bank.
-
With a coupon of 0.10%, Monday’s €500m Pfandbrief from WL Bank had the lowest ever coupon on a benchmark 10 year covered bond — a result which Commerzbank was expected to follow.
-
Russian metals producer Norilsk Nickel is gearing up to launch a loan with international banks, having already secured a large unsecured facility from Chinese banks this year.
-
The Republic of Poland will open books on Thursday on the first Panda bond from a CEEMEA issuer and is looking to print with a 3% handle, according to a banker at one of its leads.
-
Appetite for the longer-dated tranche in Akbank’s refinancing was so low that the deal shrunk by more than two thirds and only received commitments in euros. The one year piece was about the same size, however.
-
OCI Nitrogen, the subsidiary of fertiliser giant OCI, has signed a €550m credit agreement with 17 banks, 10 of which are new lenders.
-
Bionor Pharma, the Norwegian biotech firm focused on developing a cure for HIV, will raise Nkr104m ($12.6m) after it simultaneously priced its private placement and announced a fully underwritten rights issue on Thursday.
-
Intercontinental Exchange has battled to deflect a potentially deal-busting challenge of its takeover of Trayport, the trading software company, by the UK's Competition and Markets Authority.
-
Demand for subordinated debt in dollars has been unrelenting this summer, and has shown few signs of fading. As Europe’s banks look ahead to a busy September in the euro market, there is more than enough motivation for issuers to give dollars one last hurrah, writes Tyler Davies.
