Germany
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Klöckner Pentaplast, the German plastic packaging maker, has in store a potential subordinated bond deal to fund its merger with UK peer Linpac. Some see the issue as a test on how real the risk appetite is in the European high yield market. -
The revival of equity-linked issuance in Europe continued this week with three deals, all of the kind investors are looking for: from smaller companies with higher credit spreads and interesting equity stories.
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Roughly 40 transactions — if expectations are correct — will close this Schuldschein quarter, exceeding the record 35-37 deals priced in last year’s final quarter. But three Schuldschein bankers believe that if the market becomes even busier investors will be forced to decide between issuers, when, given more time, they would lend to more.
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Deutsche Hypo managed to attract only a just subscribed order book for its €500m eight year covered bond this week, despite paying an attractive new issue premium. Bankers on the deal dismissed concern that uncertainty over the issuer’s future ownership had worried investors and blamed market conditions instead.
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Germany’s Deutsche Pfandbriefbank (Deutsche Pbb) will meet investors next week ahead of its inaugural tier two deal, as market participants appeared to shrug off the consequences of Banco Popular’s resolution last week.
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A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.
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Deutsche Hypothekenbank has mandated leads for its first deal of the year, weeks after its owner NordLB said it was considering a sale of the bank. The high quality cover pool and choice of German law as the governing code will stand the deal in good stead, but uncertainty over borrower's future ownership could complicate matters.
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NRW.Bank made a big noise in a quiet dollar market this week as it printed the joint largest floating rate note from a European supranational or agency this year. Other issuers might be encouraged to follow with similar deals next week, said bankers, although a US Federal Reserve meeting on June 14 — where a target rate rise is widely expected — will bisect the window.
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Fresenius Medical Care (FMC) — the dialysis specialist 30% owned by healthcare group Fresenius — is looking to refinance loan facilities, a month after Moody’s upgraded the firm to investment grade
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German medical firm B. Braun sold what some are calling the tightest six year loan in Schuldschein history this week, even as it more than doubled the €150m initial target. However, some Schuldschein bankers believe German issuers have reached the pricing floor.
