Germany
-
Germany’s Uniper has refinanced its syndicated credit facility early, with the energy group joining a growing trend of borrowers trimming the number of banks in its lending group. -
Knorr-Bremse, the German manufacturer of brake systems for trucks and trains, opened IPO books on Monday and was covered almost immediately after launch.
-
VC Trade, a leading digital platform in the Schuldschein market, has added law firms Linklaters and White & Case as its preferred counsel. VC Trade believes this cuts costs for Schuldschein borrowers prepared to engage with the technology.
-
Knorr-Bremse, the historic German manufacturer of brake systems for trucks and trains, has set a range on its Frankurt listing, set to be one of the largest IPOs of the year.
-
DZ Bank has sold its first green bond, getting tight pricing for a preferred senior security that will back the production of energy from onshore wind farms in Germany.
-
Public sector borrowers snapped up cut price deals in the private markets this week, helping to quell trades in the benchmark sector.
-
-
A shift in the euro/dollar basis swap means more euro funders could look at dollars, according to SSA bankers. Upcoming Asian holidays are likely to jumbo deals, but there could be room for smaller, cheaper names — with one of those issuers getting a rampant reception this week.
-
-
When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
-
German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to re-market a deal it had pulled in May after setting the spread. This time the issuer priced the transaction at what was seen as a more realistic spread, but the high premium was in part due to the illiquidity of the secondary curve.
-
The chair of the influential UK Treasury select committee, Nicky Morgan, told a conference of derivatives bankers, lawyers and regulators, that despite the threat of “serious problems” for cross-border derivatives contracts in a Brexit no-deal scenario, she was “reasonably confident that a no deal scenario will not cause the whole sector to fall over”.
