Goldman Sachs
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Europe's high yield market has made a remarkable comeback in the past fortnight, crowned this week when Ball Corp, the US can maker, priced a €2bn-equivalent bond, highlighting the bullishness of euro markets inflated by QE, writes Victor Jimenez. -
In a busy week for block trades in Europe’s equity capital market, Tuesday saw Bank of America Merrill Lynch is in action again, the day after its €750m trade in Safran shares with Barclays.
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Carlyle Group has sold its stake in RAC, the UK roadside recovery firm, to CVC Capital Partners in a deal that values the business at £2.2bn, including debt.
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American car rental company Hertz has trimmed some more of its stake in China Auto Rental (CAR) via a HK$1.05bn ($135m) overnight block, with the trade priced at the bottom of guidance to ensure the secondary performance held up well.
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Latvia has named its banks to arrange a euro-denominated new issue and manage a concurrent tender offer for the country’s 2020s and 2021s.
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ICBC Sydney printed its first dollar bond on November 30, raising $300m from a trade that was more than three times covered.
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Ball Corp, the US metal packaging manufacturer, wants to issue its first euro bond as part of a €1.5bn-equivalent deal to support the purchase of UK can maker Rexam.
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Shares in Delta Lloyd, the Dutch insurance company, fell 10% on Monday after it announced a €1bn rights issue to strengthen its solvency as it plans for new EU insurance regulation. By Thursday, they were 29% down.
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Doosan Power Systems (DPS) and the Sydney branch of Industrial and Commercial Bank of China started attracting interest from bond investors on November 30, opening books for their respective dollar deals.
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The corporate dollar market ground to a halt ahead of the US Thanksgiving holiday as investors moved to risk-off mode after Vodafone pulled a deal and geopolitical tensions in the Middle East kept borrowers on the sidelines.
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Lloyds is set to exchange two old tier two instruments for new longer dated debt as it shifts towards holding company issuance in the wake of regulators' new emphasis on loss absorbing capital.
