Germany
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Tip Trailer, the Dutch trailer services company, has refinanced its revolving credit facility (RCF), ramping the size up to €967m as it gathers funding for a range of growth plans.
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Germany’s Berlinovo Immobilien has signed €1.15bn of loans to refinance a large chunk of its bank debt, with the the state-owned real estate firm locking in long term financing. -
Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.
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KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.
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Theresa May may not have brought any further clarity to the UK’s Brexit agreement, but that is not causing any issues for investors and issuers in the sterling corporate bond market. On Tuesday, two more deals were priced: one from a UK issuer, one from a European.
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The UK Debt Management Office showed no effects from the ‘noisy UK environment’ to comfortably conclude its 2018/19 syndicated programme on Tuesday. KfW will add to the sterling SSA supply this week after picking banks for its third benchmark in the currency this year.
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Deutsche Bank offered large new issue premiums in an effort to lure investors towards four tranches of non-preferred senior debt in euros and sterling on Tuesday. The decision to include a two year offering caught some market participants by surprise.
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Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.
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NordLB said at the weekend that it had welcomed an offer of an equity injection from the German association of savings banks (DSGV) and the State of Lower Saxony, as it looks to restore its capital position to above its minimum requirements.
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After National Grid’s 16 year sterling corporate bond deal was more than six times oversubscribed on Tuesday and BMW found huge demand for a €3bn euro deal on Thursday, Volkswagen Financial Services tested the sterling market on Friday and found demand just as strong.
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Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers.
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