Germany
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The Schuldschein market's first quarter of the year did not exceed its participants' wildest dreams. German speaking borrowers have maintained a healthy deal flow, but landmark deals from exotic locations have been lacking, leaving arrangers frustrated. -
Public sector borrowers are having to take a more cautious approach to their dollar issuance, as wide swap spreads and a disconnect between secondaries and primary clearing levels require a touch more concession. But while all agree on the treatment, there are differing views on how long the affliction will last, writes Craig McGlashan.
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Les Cinémas Gaumont Pathé, a subsidiary of Pathé Group, has issued an inaugural Euro PP transaction in what is a large size for the busy market.
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UK transport operator FirstGroup has raised dollar funding in the US private placement market in a bid to refinance sterling bonds expiring in September. According to one agent, the transaction was twice subscribed despite 15 other borrowers also being in the market.
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KfW was set to price a $4bn three year global at the tight end of guidance with a comfortably oversubscribed book on Tuesday. But bankers said the concession offered was a sign of a changing pricing dynamic between issuers and investors.
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This week is a tale of two IPOs and how sellers react to the market volatility. One seller has decided to pull a deal that no longer made financial sense, while another has chosen to resize its IPO to get it done.
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A single SSA benchmark is all bankers expect to emerge this week, as the market hunkers down to await the second quarter.
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The pipeline of high yield deals from German real estate borrowers is finally building up after more than two years of work with underwriters and lawyers. A new €300m bond from Corestate should pave the way for more players to shift their funding from bank loans to bonds, said market participants.
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Deutsche Börse has said it will build a blockchain-based securities lending platform that will be open to all custodians.
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New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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Watford Community Housing has raised £200m from a mixture of loan facilities and private debt. Housing association transactions have been “keeping PP agents busy” in a quieter month in the sterling private placement market.
