HSBC
-
Dutch insurer NN Group followed up a successful flotation — at $2.1bn, the largest IPO from a European entity this year — with a perpetual subordinated deal on Tuesday. Some bankers away from the deal were critical of it for failing to draw as large an order book as the issuer’s last offering.
-
The Inter-American Development Bank took advantage of strong demand for dollar paper this week to sell its largest dollar benchmark, while Bank Nederlandse Gemeenten also visited the market, suggesting that appetite remains robust despite many investors getting ready to embark on summer holidays.
-
Moody’s placed Iceland Foods' ratings under review for downgrade after the UK supermarket chain announced a plan to issue £955m of bonds. -
Italian defence contractor Finmeccanica has signed a €2.2bn revolving credit facility, €200m smaller than the 2010 facility being refinanced.
-
-
Fjord Line — Det Norske — Volvo
-
Nationwide on Tuesday became the third British financial institution to offer a three year floating rate note (FRN) in covered format this year. Looking to harness the remnants of the momentum it built in the market during its dual tranche euro deal at the end of last month, the building society’s deal was more oversubscribed than the other two similar deals done this year — from Abbey and Lloyds Bank — which were priced in January.
-
Three issuers launched covered bonds this week with varying results, which suggested that the converging trend between core and peripheral Europe has stalled. Banca Monte dei Paschi di Siena (MPS) struggled to attract anything like the demand seen in its previous covered bond as Portuguese woes outweighed the programme’s rating upgrade into investment grade territory.
-
HSBC has injected new blood into its MTN and structured notes business, hiring a pair of bankers from rival firms as well as making an internal promotion.
-
Zurich Insurance cast a wide net to catch as many investors as possible with its first senior Swiss franc print of 2014 on Tuesday, offering three tranches to sell a total Sfr600m ($670.8m) of fixed and floating rate notes.
-
French hotel chain B&B Hotels has allocated a €175m senior secured loan that will refinance existing debt.
-
Six banks have been mandated for Indian company Rural Electrification Corp’s latest fundraising, which was originally touted as a $100m deal but has already been increased to $230m.
