JP Morgan
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About seventeen lenders have come in for a piece of Noble Group’s $2.25bn syndicated loan during general syndication. The facility’s 15 leads held roadshows in Europe and North America, in addition to Asia, and the list of incoming banks reveals plenty of western liquidity. -
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The heap of failed IPOs in Europe this year is mounting, with another two deals cancelled this week, almost at the last minute before completion, write Olivier Holmey and Rashmi Kumar.
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The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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A second successive twin tap deal, following Portugal’s lead at the end of last month, brought the European Financial Stability Facility both plaudits and brickbats this week in an otherwise deserted euro primary market, writes Craig McGlashan.
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Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.
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Valeo Foods, the Irish food producer, has launched a €595m loan that includes a second lien tranche, to refinance debt and fund an add-on acquisition.
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The US high-grade market continued its hot streak this week, with more than $23bn of new corporate deals being priced in three days despite heightened volatility.
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Autodis, the French car parts distributor, issued a €60m tap late on Monday, pricing the deal at 103.25 to yield 5.518% to maturity.
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Goodyear Dunlop Tires Europe has amended its European revolving credit facility and increased it from €400m to €550m.
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Equity-linked investors are facing the return of a familiar name with Singapore’s CapitaLand opening books to an S$650m ($488.6m) offering on May 14.
