Natixis
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French pharmaceuticals firm Ethypharm increased the sterling tranche in its term loan package on Tuesday, as it seeks to acquire UK-based Martindale Pharma. -
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Landesbank Baden-Württemberg and WL Bank successively priced the tightest covered bonds of the year this week and both were able to tighten pricing to a greater extent than any previous German issuer.
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Natixis Pfandbriefbank raised five year funding through its German subsidiary on Thursday and paid a more attractive concession than usual because of the deal’s sub-benchmark size. Despite perceived illiquidity, bid-offer spreads for sub-benchmark bonds are not much different to benchmark deals several weeks after launch, according to Citi research analysts.
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Caisse des Dépôts et Consignations (CDC) picked a tricky week for its first euro syndication in many years but, thanks to the deal’s green aspect, the trade went off without a hitch.
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French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.
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Landesbank Baden-Württemberg has priced the tightest covered bond of the year and was able to tighten pricing to a greater extent than any other German issuer this year.
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UK mortgage lender Together Financial was the only new deal in the European high yield bond market of the week when, on Wednesday, it sold a sterling offering that received firm demand in a rare example of a single-B name opting for bonds over leveraged loans.
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The repricing train steams on in European leveraged loans, although several buyouts are coming down the track, offering new paper and the promise of some yield to desperate investors.
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Bankers and investors believe Europe’s election schedule will drive up rates on new high yield bonds and increase the attraction of leveraged loans to issuers — even as Together Financial’s new sterling offering kept the market alive.
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Tunisia returned to euros for the first time since 2005 on Friday but the €800m deal was by no means a blow out and the leads were unable to move pricing as the borrower made a play for new investors.
