Morgan Stanley
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Travel services provider Hotelbeds has increased its €172.5m term loan add-on to €200m, also cutting the margin guidance from 625bp to 500bp with a 0% floor. -
US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.
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KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.
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UniCredit, the largest bank in Italy, has formally finished its €13bn rights issue after selling the unexercised rights on the market for €15m.
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The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.
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Issuers from Greater China are set to storm the debt market soon with China Reinsurance Finance Corp, China Cinda Asset Management Co, Grand China Air Co and Pacific Century Premium Developments eyeing dollar offerings. Separately, New China Life Insurance Company has got the green light from its board to raise funds offshore.
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A big step in restoring Italy's banking sector to health was taken successfully this week, when the fifth biggest EMEA equity sale ever raised €13bn for UniCredit.
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Bpifrance Financement became this week’s third French public sector issuer on Thursday, scoring €500m with a tap.
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US pharma research firm Quintiles IMS Holdings printed on Thursday a new €1.4bn high yield bond, proving that European high yield investors are embracing the train of US issuers printing in euros.
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China Reading, the e-book publisher backed by Tencent Holdings, has picked Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley to lead its Hong Kong IPO, according to a source close to the matter.
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Central Argentine province Córdoba sold $510m of 7.5 year bonds on Wednesday, using proceeds to refinance existing bonds and significantly lower its funding costs.
