Goldman Sachs
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Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it. -
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The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that amazed bankers away from the trade.
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KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.
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There were several large equity block trades on Wednesday night this week, including a rare sale of shares in one of Russia’s biggest steel companies.
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Shares in ContourGlobal, the emerging markets-focused power producer, managed to stay above their IPO price all day on Thursday after they began trading on the London Stock Exchange.
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Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.
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ICBC Financial Leasing Co raised $950m from a dual-tranche transaction on Wednesday, as it focused on extending its maturity profile. But its 10 year struggled to gain traction, against a backdrop of falling 10 year US Treasury yields.
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Two US flotations of Chinese firms raised $686m this week, after one was priced in the middle of the range and traded down, while the other was set to make its debut on Thursday.
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The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.
