Germany
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The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest. -
Santander Consumer Bank managed to attract a comfortably oversubscribed order book for a tightly priced, sub-benchmark debut Pfandbrief on Tuesday.
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Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.
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Credit Suisse and Morgan Stanley are leading the sale of a 9.3% stake in Scout24, the German online classified advertising firm, for about €345m. The deal is covered, according to a banker involved.
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The German State of North Rhine-Westphalia has hit screens for a euro bond, coinciding with an easing of the political woes of its sovereign.
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The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.
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Deutsche Pfandbriefbank (PBB) issued an opportunistic £450m three year sterling covered bond on Tuesday. The funding proceeds provided a currency match for the bank’s sterling assets, with the cost being reasonably close to what it could have achieved in euros.
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German oil refinery Heide chose one of the high yield market's quietest weeks of the year to fund a €200m dividend to its shareholder. Investors bought it, but some bankers spotted a steep premium in the pricing.
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Berlin Hyp (BHH) showed this week that investors are so hungry for short dated covered bonds that they are prepared to pay a negative yield for the privilege of owning them. Even so, it is unlikely that any other issuer will meet this extraordinary demand, writes Bill Thornhill.
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Property has been one of the most favoured sectors in the corporate bond market in 2017 and this week saw three more deals. Germany’s TLG Immobilien and Spain’s Inmobiliaria Colonial added €1.2bn to the year’s supply in euros, while UK student accommodation provider Liberty Living sold a £500m ($665.3m) deal.
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Crane maker Konecranes raised €150m with a debut Schuldschein on Monday, as the Schuldschein market aims to set a new yearly record.
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