Natixis
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A trio of public sector borrowers ventured beyond the 10 year part of the euro curve on Wednesday — but only two were able to return with cash after one Dutch agency appeared to steal another's thunder. -
The third largest takeover is on. Brewer SABMiller has agreed to be bought by Anheuser-Busch InBev for £68bn, in a deal that shows continued investment confidence in Africa — one of the main attractions of SABMiller for InBev, which is weak in the continent — bucking the trend of pullback from emerging markets.
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A blowout 30 year euro trade from the European Stability Mechanism on Tuesday prompted a flurry of longer dated euro offerings from SSA borrowers this week but issuance has been busy across the euro curve.
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The European Stability Mechanism blasted open the long end of the curve on Tuesday with its longest bond to date. The 30 year stormer has prompted several other issuers to explore maturities of 10 years and above.
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Turkiye Garanti Bankasi is applying to the country’s capital markets board for authorisation to issue an international covered bond of up to €2bn, but the deal’s future likely hinges on the outcome of Turkey’s elections, said bankers close to the deal.
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Swiss commodity trader Gunvor is building momentum for around $1bn of refinancing loans, with commitments due by the end of the month.
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Beijing Automotive Group (BAIC) is planning to issue its first G3 bond, having mandated four banks to arrange a series of investor meetings starting this week.
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An agency mandated for its first syndication in four years on Friday, with a deal to follow next week. The unconventional timeframe was in part to allow investors to reacquaint themselves with the borrower, said bankers on the deal.
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French investment company Wendel bought a €300m no-grow trade to an uncertain, but stabilising, corporate bond market on Monday.
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A €600m ($673m) fundraising for a unit of China National Chemical Corp has gone into general syndication, following a senior phase where just two banks came on board. The lacklustre demand has caused the leads to increase the fees on offer to help drum up more interest.
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Four banks have launched a €600m ($673m) financing for China National Chemical Corp (ChemChina) into general syndication, after bringing on board two lenders during the senior phase.
