HSBC
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Two German issuers returned to the corporate euro bond market on Tuesday, amid a thirst for risk among investors sparked by last weekend’s G20 meeting. -
Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
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Belgium’s Cofinimmo has amended and restated its revolving credit facility, with the real estate investment company ramping up the size of its bank line to €400m.
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The Bank of Bahrain and Kuwait has set pricing for its five year bond.
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Turkey announced a five year dollar Global benchmark on Tuesday, returning to the market for the first time since March and making the most of the rally in Turkish assets.
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Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.
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First Abu Dhabi Bank printed $900m of senior floating rate notes on Thursday, using the format for the second time this year. Although interest rates are expected to fall this year, investors seemed happy to commit funds to the product.
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First Abu Dhabi Bank has courted Taiwanese investors yet again, this time raising $900m from a Formosa bond.
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The board of BCA Marketplace, a UK secondhand car dealer, announced on Wednesday that it would recommend a £1.9bn offer from TDR Capital to take the company private. The deal marks a coup for Jefferies, which is lead financial adviser to BCA, a role it won following the hire of a UK M&A team from HSBC last year led by Philip Noblet.
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Rates are low and keep getting lower, so investors are having to turn to higher yielding forms of debt to put their money to work and get a respectable return. Issuers, particularly in the Middle East, are happy to oblige as far as their regulatory capital needs will allow.
