Germany
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The State of North-Rhine Westphalia increased the size of its century bond through syndication again last Friday, having tapped the bond only three days before. -
Norwegian seafood company Mowi has launched a Schuldschein, joining a growing flock of Nordic issuers seeking funds in the German loan market.
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The State of North Rhine Westphalia took centre stage in a quiet euro public sector market this week with a syndicated increase of its century bond.
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High yield bond investors in Europe are getting squeezed from both sides, as formerly regular visitors to the market hit investment grade status, and new acquisition financings hit the loan market rather than bonds. Schaeffler’s blow-out debut in the investment grade bond market on Tuesday took out €1.5bn equivalent of former HY product.
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SSP, the UK food and drinks retail operator, has sold US private placements (US PP) via Barclays and Bank of America. Pricing was similar to its PP debut last year, market participants said, which is a sign that, for the right UK credit, the market remains stable amid the Brexit storm.
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Continental launched a Schuldschein on Wednesday and, judging by the arranging banks, market participants believe the German tyres and car parts group has its eye on German co-operative and savings bank investors.
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The oldest private loan market in Germany has bagged the largest private company in India. Reliance Industries, the conglomerate headquartered in Mumbai and founded by Dhirubhai Ambani, has launched a Schuldschein — the first from the country, and what many market participants hope is a sign of things to come.
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The State of North-Rhine Westphalia received a rapturous reception from investors for the syndicated reopening of its century bond on Tuesday, allowing it to print over five times the initial target size.
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Bank of America and Goldman Sachs have launched the loan backing Triton Partners and Luxinva's buyout of IFCO Systems, the Germany-based reusable plastics business of Australia’s Brambles.
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The State of North-Rhine Westphalia sold its first century bond on Thursday via the private placement market, and is open to the possibility of bringing a syndicated deal in the tenor.
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In this round-up, trade talks between the United States and China continued, the Foreign Investment Law was passed by the National People’s Congress and the US urged Germany to ban Huawei
