Germany
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Rentenbank joined the rush for dollars on Wednesday as Inter-American Development Bank and British Columbia set pricing on deals announced the previous day. -
Germany’s HeidelbergCement on Wednesday issued a benchmark high yield bond that was rapidly increased to €750m while its final terms tightened 20bp from initial price talk.
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Monsanto has rejected Bayer’s all-cash bid of a $62bn enterprise value as “incomplete and financially inadequate”, but left the door open to an improved offer.
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Monday night’s three equity block trades in Europe all led to decent trading in the stocks on Tuesday. They included CVC’s exit from Evonik Industries – scooped on a sole basis by JP Morgan, though Bank of America Merrill Lynch has worked on most of these deals.
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Moody’s cut Deutsche Bank’s debt rating to two notches above junk on Monday, as the German bank continues to fall foul of negative sentiment around its costly restructuring.
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Bank of America Merrill Lynch and Credit Suisse are supporting Bayer’s $62bn bid for American agribusiness giant Monsanto and more banks are working on a loan for the deal, according to two bankers.
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Bayer could be preparing to issue one of the five biggest rights issues ever, and the largest by a non-bank company, as part of the financing for its $62bn bid for Monsanto, the US agricultural chemicals and bio-engineering business.
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There was a steady stream of sterling deals in the supranational and agency market this week, amid confidence that volumes will keep up until the UK’s referendum on European Union membership is imminent.
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Landesbank Baden-Württemberg has issued the first European covered bond denominated in dollars this year, boding well for further supply from European banks in the currency.
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Export Development Canada is set to join what one SSA banker described as a “ridiculous” dollar market, where issuers are selling in big size and with little or no new issue premiums.
