Germany
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TUI, the German travel and tourism company, has sold the last of its shares in Hapag-Lloyd, the shipping company that was floated on the Frankfurt Stock Exchange in November 2015, through an accelerated bookbuild priced flat to the closing price.
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Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run. -
Hapag-Lloyd, the German container shipping group, on Tuesday led a fleet of new high yield bond deals carrying lower ratings than have been typical this year.
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AB Volvo, the Swedish maker of trucks and buses, has sold its entire stake in Deutz, the German maker of diesel engines, for €196m, through an accelerated bookbuild on Thursday night.
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Deutsche Bank Singapore is tapping the syndicated loan market for a $100m-$150m fundraising, and recently sent out a draft term sheet to potential lenders, said bankers.
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The busiest first half to a year in the Schuldschein market’s history is over. Nearly 70 issuers — originating from Russia to the US — have managed to launch transactions so far. But, some traditional German lenders are begging for a return to the market’s more usual sedate pace, to allow more time for vital credit work. Silas Brown reports.
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On Thursday evening, AB Volvo, the Swedish maker of trucks and buses, launched the sale of its whole stake in Deutz, the German independent manufacturer of diesel engines, through an accelerated bookbuild.
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Volkswagen priced the third sterling corporate bond deal in as many days on Thursday, taking total supply over £3bn this week. Aggregate order books for the week are now approaching £10bn.
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The appetite of Schuldschein investors seems insatiable. Coming off the largest and busiest second quarter in the Schuldschein market's history, two non-German inaugural borrowers nearly doubled their funding targets on Tuesday.
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The relentless growth in active covered bond issuers was in evidence last week as Danske Bank’s Swedish subsidiary received regulatory approval, Santander Consumer Finance AG tested its newly rated programme, and DZ Bank received a rating for its unique Bank Briefe.
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The euro market showed its strength for SSA borrowers this week, as Agence Française de Développement succeeded in bringing a deal after requesting a change in its banking licence and KfW kept up its record of raising €5bn with every euro benchmark this year despite a volatile backdrop.
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