HSBC
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A pair of dollar deals in the sovereign, supranational and agency sector failed to cross the line this week, coming on a day when turbulent US Treasury markets made book building tough. Issuers lining up deals for next week may have to be prepared to pay more of a new issue premium because of this week’s tricky conditions.
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The high level of demand for the UK’s debut offshore renminbi bond this week, the first from a non-Chinese sovereign, will be encouraging for other countries looking at printing in the internationalising currency. Two more are thought to be looking at selling renminbi bonds. -
German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.
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Primary issuance in covered bonds slowed this week with just one deal emerging on Wednesday from Canadian issuer La Caisse Centrale Desjardins du Quebec (CCDQ).
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United Internet, the German internet services provider, closed the €1.35bn loan for its acquisition of Versatel on Wednesday, leaving the path open to a Schuldschein transaction for banks left outside the syndication.
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UK electronics components distributor Premier Farnell has completed a £250m amendment and extension of its loan facility, after refinancing its US private placement in August.
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Asian insurers are making their presence felt in the international debt market after Korean Reinsurance (Korean Re) became the fourth name to issue a bond in six weeks. While market participants are quick to point out that the deals are unrelated, they predict more is coming from the sector as Asia makes the step up to Solvency II, write Virginia Furness and Rev Hui.
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German ball bearing producer Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range, in response to weak demand from the US market.
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A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads. The money will be used to refinance the outstanding portion of the debt Tata took to fund its acquisition of Europe’s Corus Group.
