Germany
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The €145m of loan facilities to support the purchase of German jewellery maker Amor from 3i by Gilde Buy Out Partners enjoyed a good reception, in line with latest deals in the market. -
A vote for the UK to exit the European Union next week is likely to intensely magnify a strong rush into safe haven assets, but some bankers are still confident that after the initial furore of a ‘Brexit’ there could be room for issuers eyeing euro deals in July to go ahead. And, if the UK opts to stay in the EU, issuers are likely to be lining up to print in July.
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Tele Columbus, Germany's third largest cable operator, is marketing a €125m five year loan to replace its second lien facility.
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An discussion paper commissioned by the German central bank suggests that covered bonds can improve a bank’s profitability, but by encumbering assets, risk is asymmetrically shifted to unsecured debt holders resulting in greater fragility.
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Evonik Industries, the German chemical company, has completed €1.9bn of loan facilities with banks to fund its acquisition of a division of Air Products and Chemicals.
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Springer Nature, the German academic book publisher, plans to prepay €420m of high yield bonds, refinancing them with a new secured loan.
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The China Europe International Exchange (Ceinex) is working with stakeholders on a cross-continental Stock Connect initiative, in a competing bid to plans by the London Stock Exchange, Ceinex's CEO told GlobalRMB.
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Otto, the unrated German online retailer, issued a €250m bond on Friday, which a banker on it said showed the resilience of demand by private wealth management-type investors, on a day when a more conventional, institutionally driven investment grade deal might have struggled as those investors watched screens turn red.
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The 10 year Bund yield came within a whisker of negative territory this week. While that may be seen as the complete breakdown of everything you ever thought you knew about bonds, for one closely related branch of issuers it represents a golden age.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago.
