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A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday. -
India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.
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Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
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A combined €48bn of cash swelled the orderbooks for Italy and Portugal’s deals on Wednesday, dispelling any fears that the reduction of the European Central Bank’s quantitative easing programme would hamper demand.
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Turkiye Sinai Kalkinma Bankasi batted away suggestions on Tuesday that its deal would suffer from pricing on the same day as the Turkish sovereign, printing a $350m five year bond from a book of $1.15bn and 15bp inside initial price guidance.
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Puma Energy made a strong start for non-financial corporate issuers on Monday, making full use of investor familiarity with the credit — and some excess cash — to make its $750m market return.
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January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.
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The list of European leveraged loan deals for January is rapidly growing, with multi-billion offerings in euros, sterling and dollars as borrowers seek low margins. But some buyers believe the market is becoming too hot, too fast.
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Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite printing with a longer maturity.
