JP Morgan
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Four more banks have signed up to Giant Interactive’s $850m five year leveraged buyout loan, taking total commitments to $260m. -
Oversea-Chinese Banking Corporation (OCBC) printed its second Basel III bond in a little over two months on Thursday. The Singaporean bank is the first southeast Asian lender to tackle a 10 year bullet structure for a dollar new style tier two.
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Issuers benefited from ideal market conditions for senior unsecured trades this week, with spreads rocketing inwards following the European Central Bank’s decision to cut rates last week. While the sharpest part of the rally may be over, issuers are expected to enjoy an easy ride for the foreseeable future as syndicate bankers expect spreads to grind even tighter.
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Dutch coffee company DE Master Blenders has divided its €7.5bn acquisition loan into four tranches.
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The European Financial Stability Facility enjoyed ideal market conditions to print long three year debt this week, with the order book swelling to over twice subscribed despite the issuer offering only the skinniest of new issue premiums.
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All3Media, the UK TV programme producer, has raised an aggressive £400m-equivalent loan package backing its takeover by Discovery Communications and Liberty Global, but left market participants doubting that the deal had generated much enthusiasm among investors.
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Standard Chartered’s two tranche offering of senior unsecured debt this week represented some of the cheapest funding the bank has raised since its inception in 1868, said Chris Danels, global head of capital management at the bank. It showed that despite the ever intensifying search for yield, investors are also still hungry to diversify into low beta paper.
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Spanish olive oil producer Deoleo scrapped the entire dollar tranche of its €600m loan last week but as the dust settles on the deal it has emerged that US, rather than European investors, played the pivotal role in this swing.
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A bevy of SSA issuers was able to print dollar benchmarks at tight levels this week, crystallising strong performances seen since the start of the year.
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Italian insurance company UnipolSai sold an oversubscribed perpetual non-call 10 tier one deal on Wednesday at a level reflecting the new, tighter pricing of subordinated debt in the wake of the European Central Bank's easing programme, announced last Thursday.
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This week's European corporate bond issuance continued to pick up the pace on Thursday, as four deals came to the mainstream euro and sterling markets, plus an Austrian retail-targeted issue for Novomatic, which makes gambling machines.
