JP Morgan
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Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.
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Bekaert, the Belgian maker of steel wire products, launched a €380m convertible bond on Thursday, happening to choose the same day as BP to launch its deal, after a long quiet period in the market.
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This week’s steady run of one equity block trade a night in the European market continued on Thursday with the biggest deal so far, as Bpifrance, the French state investment fund, launched a €500m sale of more than half its holding in Eiffage, the construction and concessions group.
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Nederlandse Waterschapsbank showed the bid for duration in euros is alive and well, after a rapid book build on Thursday on its debut 20 year euro syndication, while a French agency lined up a dual tranche deal. -
French cable manufacturer Nexans on Thursday returned to the high yield market with a €250m unsecured note that was withdrawn in May 2015.
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Kuoni, the Swiss travel firm, finally allocated a €575m seven year cov-lite term loan ‘B’ at much wider pricing than original talk, and after a drawn out syndication process.
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Indian pharmaceutical firm Laurus Labs is planning a Rp10bn ($148.7m) IPO this year and has lined up three banks to lead it, according to a source close to the deal.
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Hotel Lotte Co is aiming to raise as much as W5.7tr ($4.8bn) from its South Korean IPO and is due to start pre-marketing on Friday.
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Export Development Canada is set to join what one SSA banker described as a “ridiculous” dollar market, where issuers are selling in big size and with little or no new issue premiums.
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Hanesbrands, the North Carolina clothing maker, printed a €500m bond on Thursday to fund recent acquisitions in Italy and Australia.
