Germany
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The non-US women's health unit of Israel’s Teva Pharmaceutical Industries is mulling the option of issuing its first term loans in euros to fund its buyout by private equity firm CVC. -
Deutsche Bahn returned to the market after a two year absence with the longest dated Swiss franc bond from a German corporate. Swap costs have made it tricky for Deutsche Bahn to borrow in the Swiss currency. But the lead managers found a window at 13 years for the issuer to exploit.
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The Joint Laender printed €1bn of 10 year paper on Tuesday, filling the book unusually quickly for a Laender deal. The deal was joined in the market by a European Union (EU) tap of an April 2031 line.
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The European Union (EU) is set to tap an April 2031 line on Wednesday, coming on the heels of KfW five year benchmark on Tuesday, that raised €3bn.
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Hapag-Lloyd, the German container shipping company, has raised €352m to reduce its debt after its one-for-14 rights issue won a high take-up from its shareholders.
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Surteco, a German plastics manufacturer, doubled its initial €100m deal size, entering the Schuldschein market to refinance the acquisition of Probos, and used additional demand to repay an existing US private placement.
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Agencies from the Netherlands, France and Germany are set to come to market on Tuesday for short dated dollar deals.
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KfW hit screens on Monday, mandating three banks for a five year euro transaction.
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Muenchener Hypothekenbank (MuHyp) doubled the size of its 10 year Pfandbrief tap despite pricing it at extremely tight levels, as SP Mortgage Bank announced plans to proceed with its second ever benchmark. Unlike SP's debut last year, the new deal will probably be priced through mid-swaps.
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BASF is set for a busy year in the bond market in 2018, after announcing on Friday that it had agreed to buy parts of Bayer’s seed and non-selective herbicide businesses for €5.9bn, all in cash.
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While the dollar market produced one of its strongest deals of the year on Wednesday, another deal enjoyed markedly less success on the day, indicating that investors’ tolerance for tight levels may be becoming stretched.
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