Europe
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Franchise Brands, the UK franchising group that provides oven cleaning and car paint repair services, has announced plans to raise up to £3.5m through a listing on London’s Aim in the third quarter of 2016.
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Eircom, the Irish telecoms company, on Monday launched a €200m tap of a high yield bond issued last month, which would cut its exposure to bank lending in its new €2.4bn debt structure. -
An auction to settle credit default swaps referencing Portugal Telecom International Finance returned a low final price, but slightly higher than had been indicated by secondary bond and CDS levels despite greater physical settlement interest to sell.
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Monte dei Paschi di Siena’s share price fell 8% on Monday morning, ahead of the European Banking Authority’s 2016 stress test results.
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Bulgarian Energy Holdings (BEH) opted on Monday for a five year for its first Eurobond in three years. The deal could come as early as Tuesday, according to a lead manager.
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The privatisation of Enav, the Italian air traffic control system, reached a successful conclusion on Thursday, proving that large IPOs can still happen in the post-Brexit equity market, even in Italy, where stocks have been hit hard.
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Lecta Group, the southern European coated paper manufacturer, on Friday printed a €600m two tranche bond in a high yield market comfortably readjusted to post-Brexit times, as issuance surpassed €2.5bn in five days.
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Pirelli’s €4.8bn refinancing loan has found strong demand, as roughly 20 banks will join it, and it was well oversubscribed. Some banks declined to participate, however, and one banker said the borrower was "taking the mickey" with the terms of the deal.
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Clydesdale Bank reopened the UK RMBS market with the first deal following the UK referendum and paid double the spread of its previous deal. GE Money Bank in France is expected to finalise its RMBS on Friday.
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Oil India has extended the deadline for submission of bids for its request for proposals seeking a $650m loan with a $200m greenshoe, according to two bankers.
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In the immediate aftermath of the Brexit vote, London’s loss of its status as leading RMB hub in Europe seemed highly likely, a turn of events that left China and the UK to figure out how to move forward from the “golden era” they had on just ushered in. But a more nuanced picture is now starting to emerge.
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