Germany
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Deutsche Börse has run an amend and extend operation on a €750m loan to add a sustainable element to its debt, as some lenders continue to rail against the proliferation of what they see as refinancing in all but fees. -
Mersen, a French technology manufacturer, will not accept bids from UK-based lenders for its new Schuldschein “in anticipation of a potential Brexit”. Three bankers away from the transaction said they have also discussed excluding UK lenders with other borrowers.
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Europe’s most prolific corporate bond issuer re-entered the market on Monday for its second multi-tranche deal of the year, and issued €2.75bn, slightly more than at its €2.5bn outing in January. The book for Volkswagen Financial Services' three tranche issue was somewhat smaller this time, however.
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VC Trade, the leading digital challenger in the Schuldschein market, has begun cooperating with Scope Ratings, which will now offer optional credit opinions for any borrower using the platform. This will add efficiency and transparency to the market, proponents claim.
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Barclays and Natwest Markets have come first and second in league tables for cross-border activity in the US private placement market. As US private placements become more popular in the UK, British banks have strengthened their status in the market.
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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.
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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.
