Europe
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Norwegian gas and oil shipping and storage company Stolt-Nielsen has agreed $325m of new debt arrangements with three of its relationship banks to fund the purchase of Jo Tankers' chemical tanker operations. -
Balkan telecoms provider United Group on Tuesday sold a €150m tap to fund the purchase of smaller peer companies in the former Yugoslavia.
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Gamenet, the Italian gambling machine operator,opened a roadshow on Monday for €200m of high yield notes — the third high yield issue from an Italian borrower since the UK referendum on June 23.
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Swedish car safety specialist Autoliv has refinanced a $1.1bn revolving credit facility, with two banks leaving and two joining the syndicate. Deals in the region have seen rival lenders increase their share of bookrunning volumes this year.
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Shares in Faroe Petroleum, the British oil and gas exploration firm, have fallen 8% today after the company announced it had completed a £62m capital increase on London’s Aim to finance its acquisition of new production assets in the Norwegian North Sea.
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With an oversubscription ratio of more than five times, Deutsche Hypo’s tap, issued on Friday, should put to rest qualms that have hindered supply of negative yielding covered bonds since Berlin Hyp’s ground breaking deal four months ago.
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The Republic of Macedonia delayed its Eurobond sale on Thursday after a political opponent to the government challenged the legality of the issue.
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State-owned Bulgarian Energy Holding will meet investors next week for its first Eurobond for three years. BEH has mandated JP Morgan and Banca Imi to arrange the meetings, which run from July 18-22.
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Two block trades by UniCredit this week, totalling €1.08bn, offered further confirmation that the equity capital market is functioning well, and that there is ample demand for good European stocks, including from US long-only investors.
