JP Morgan
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FIG investors continued to defy ratings agencies on Wednesday as they deemed two periphery credits more than worthy of investment in senior unsecured. -
Gazprom opened books on a seven year benchmark euro transaction on Wednesday morning. Bankers on the deal felt the starting concession was a modest 10bp-15bp, but those off the deal argued the issuer had started with a more generous pick-up.
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Ireland-based King Digital Entertainment, the makers of Candy Crush Saga, is set to raise $500m from a US IPO launched on Tuesday. The deal is likely to frustrate UK government and stock exchange officials that have been seeking to persuade tech firms to list in Britain.
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ING followed Swedbank into the tier two market on Tuesday, printing a tight €1.5bn 12 year non-call seven deal as tier two debt stole the limelight from senior unsecured for the first time this year.
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German property firm Grand City Properties completed a €150m convertible bond on Monday, having delayed the deal to take advantage of its upgrade from Standard & Poor’s late last week.
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Rumours of potential additional tier one issuance from Nordic banks continued on Monday as Swedbank tapped demand for subordinated paper among yield-hungry fixed income investors to replace maturing tier two debt.
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Euro deals attracted cash from fresh sources this week, boosting book sizes in what was a bumper week for borrowers in Europe’s core.
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JP Morgan rode the crest of a wave of senior unsecured euros debt issuance this week, as banks jumped in to take advantage of an improved secondary market tone and excess investor liquidity.
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UK consumer debt collector Cabot Credit Management has signed a £105m bridge loan to part-finance its acquisition of Marlin Financial Group.
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Barclays came to the US market with its first senior offering in dollars in two years this week, as investors continued to show strong demand for short end paper from financial institutions.
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One of Europe’s most frequent high yield issuers, Fresenius, is back in the market. The German healthcare business wants to sell its fifth transaction of the year — this time in dollars.
