German Sovereign
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Germany’s Fresenius Medical Care launched a $900m high yield bond issue in the US market on Wednesday, via Wells Fargo, Citigroup, Deutsche Bank, Scotia Bank, HSBC and Suntrust Robinson Humphrey.
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German property firm TLG is covered on its IPO, bringing fresh confidence to the deal after its future looked to be in doubt only a day before.
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Grand City Properties, a Luxembourg-registered, Frankfurt-listed company that invests in German residential property, is expected to price about €350m of high yield bonds on Friday, a banker familiar with the deal said.
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The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.
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The healthy demand for Schaeffler’s three tranche bond issue yesterday, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.
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Metro, the German supermarket group, strengthened the narrative that Europe’s corporate bond new issue market is recovering, with a €500m seven year issue on Tuesday.
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An investor in German car manufacturer BMW sold €198m of shares on Monday night, but the deal was unlikely to inspire other block trades, bankers said, as the equity markets remain highly volatile. -
Schaeffler, the German car parts maker, closed books on Tuesday for a three tranche bond issue, €1.2bn-equivalent of senior secured payment-in-kind notes that are the first new issue in European high yield for two weeks.
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SAP, the German software firm, closed syndication of the €7bn bridge facility for its $8.3bn acquisition of US expenses software firm Concur at the end of last week with the participation of all the invited banks, according to people familiar with the deal.
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German ball bearing manufacturer Schaeffler intends to issue €1.2bn-equivalent of senior secured bonds, making it the first high yield issuer in Europe to announce a new deal for nearly a fortnight.
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Most European banks are likely to pass the European Central Bank’s Comprehensive Assessment, the results of which will be released on October 26, but mid-tier Portuguese, Italian, Cypriot and German banks are most at risk of falling short of a passing grade, according to analysts at Royal Bank of Scotland.
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