Goldman Sachs
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Banks were forced to pay higher new issue concessions to get deals done as concerns about President Donald Trump’s ability to deliver on his legislative agenda hit global markets. -
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New deals marketed this week by US borrowers Owens-Illinois and Federal-Mogul pushed reverse Yankee issuance to 25% of the €22bn of euro high yield issuance so far in 2017.
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Albéa, the French packaging firm owned by Sun Capital Partners, has scheduled a bank meeting for Monday in London about a $921m-equivalent bond to loan refinancing and dividend recapitalisation.
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Kingsbridge, the holding company of cable TV service provider Asia Broadcast Satellite (ABS), has launched a $280m refinancing into general syndication.
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SNCF Réseau on Wednesday printed at the upper end of its size expectations with its second ever green bond, while the International Finance Corporation looked at the possibility of printing in the green format over the next three months.
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Another day, another €1.5bn of high yield bond offerings was what Tuesday’s deals from Aramark, Anglo American and Arrow meant for a European market awash with double-B rated paper. But too much of a good thing is putting off some traditional high yield buyers.
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With public sector borrowers having reached advanced stages in their annual funding programmes as the first quarter comes to a close, focus is shifting to socially responsible bonds.
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The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.
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A pair of public sector borrowers are set to bring socially responsible bonds this week, with one aiming at the dollar short end and the other at the long end of the euro curve.
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Chemours, the listed US chemicals firm spun out of DuPont in 2015, held a lender call on Monday afternoon for a $350m-equivalent euro term loan to repay some of its existing dollar loan.
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Shares in Deutsche Bank, the largest bank in Germany, fell 2.7% on Monday morning after it published its 2016 annual report and launched its €8bn two-for-one rights issue.
