Europe
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French medical equipment supplier Bastide Médical has refinanced its debt with €90m of syndicated loans and a €25m Euro PP. The firm is one of a number of smaller domestic companies providing deal flow for the loan market in a period when European borrowers have been less active. -
Johnson Control’s automotive business, Adient, on Monday began a roadshow for $2bn-equivalent of high yield notes, with a 17 strong group of bookrunners.
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France's Danone has completed syndication of $13.1bn of acquisition loans to fund the purchase of North American organic foods company White Wave. Only relationship banks were invited to participate.
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The leveraged loan market remains one of the biggest sources of concern for the US Federal Reserve, which has cited it as the 'primary contributor' to the number of inadequate credits it examines.
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FMS Wertmanagement (FMS-WM) has bought most covered bonds issued by the Irish and Luxembourg subsidiaries of the DEPFA Group and should soon remove their Aa2 rating.
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Spain’s Cellnex Telecom, a broadcasting towers business, hit the investment grade and high yield euro markets on Monday, just over six weeks after it roadshowed for the deal.
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Credit Suisse returned to the sterling market for holding company level senior funding on Monday, following an unexpected return to profitability in its recent financial results.
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The overall health of the European Union’s banking system has improved in the last two years, but the banks that were weak in the 2014 European Banking Authority stress tests are still limping behind the rest.
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Monte dei Paschi di Siena’s last minute non-performing loan fix could bolster spreads on outstanding debt, at the expense of shareholders, while avoiding any bail-in of bondholders.
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Euroclear started servicing the Russian sovereign’s $1.75bn 2026 bond on Thursday, prompting a 30bp yield rally in the bonds and opening further discussion as to when the sovereign may return for more funding in the international markets.
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Jean-Pierre Mustier’s had a busy first month at UniCredit. Already, the new CEO has launched a strategic review, sold 10% each of FinecoBank and Bank Pekao, made a host of senior appointments and scrapped two-year-old talks with Santander about combining their asset management businesses.
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