Germany
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Europe’s largest laboratory services company, Synlab, on Friday shot a new bond into the European high yield market deal to repay all of its 2022 floating rate notes. -
Despite the damage done to this autumn's IPO season, with a string of deals pulled and several trading badly, there is still a handful of flotations in the market, and ECM bankers believe they have a chance of success, writes Aidan Gregory.
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Real money sellers were seen in recently issued Italian covered bonds on Thursday, along with some profit-taking at the long end of the French curve, which is expensive to OATs. But with German Pfandbriefe looking cheap relative to Laender, the bonds look well supported, bankers said.
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Varta AG, the German micro-batteries manufacturer spun out of the historic Varta Group in 2002, has joined the small group of European companies braving the choppy waters of the IPO market.
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Private equity firm Ardian has turned to the leveraged loan market to fund its acquisition of German lighting provider SLV Holding from Cinven.
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Clearstream launched the China Bond Link on October 17, which is designed to connect overseas investors with the China interbank bond market. The firm expects to see growing interest in China fixed income as a result of broader RMB adoption, a spokesperson for the central securities depository told GlobalRMB.
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Acciona, the Spanish infrastructure and renewable energy firm, has allocated its first Schuldschein, growing the deal by €50m and securing about the same pricing as (if not lower than) its latest syndicated loan.
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German Pfandbriefe have received a boost, according to Moody's from the German finance ministry, which is tightening lending standards in the country's housing market to counteract rising prices caused by the European Central Bank's accommodative monetary policy.
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Norddeutsche Landesbank (NordLB) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp) issued tightly priced German Pfandbriefe that benefitted from a rise in yields this week.
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Deutsche Bank beat extremely low expectations for third quarter earnings by posting a €278m profit, with return on average shareholder equity up 990bp for the first nine months of the year, compared with the same period of 2015.
