Goldman Sachs
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Investors did not want to miss out on the senior bond marketed by KBC Group on Tuesday, as the issuer seized on strong market conditions to extend its credit curve and launch a deal at what many saw as fair value. -
Loans backing Advent’s takeover of UK defence contractor Cobham, which received government approval over Christmas, have started general syndication, bringing welcome new money loans with a margin on the right side of 400bp.
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Calisen Group, the KKR-backed operator of smart meters, has confirmed its intention to float on the London Stock Exchange, formally launching the first major UK IPO of the year.
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The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.
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A triple-A rated supranational and two sovereigns from the eurozone periphery took the opportunity to lock in low rates at the long end this week, amid strong market conditions. SSA bankers expect more supply to follow at this part of the curve over the coming weeks, including from France and potentially Greece.
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US issuers are tapping into favourable conditions the euro bond market after reporting their latest results. Goldman Sachs and New York Life Insurance were quick to launch senior bonds on Thursday, boosting supply volumes just as European lenders start preparing for their own reporting season.
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A pair of Asian SSA issuers joined a busy dollar market on Wednesday, bringing three and 10 year deals. Demand for three year dollar paper is high, with two more issuers set to join the fray on Thursday.
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Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.
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KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.
