Natixis
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Bankers are preparing the ground for the first Turkish covered bond with Akbank and Garanti Bank lining up for issuance. Pricing for both will be wide of the sovereign and the banks are preparing extensive investor roadshows. While funding officials are confident that the bonds will sell well, syndicate bankers question whether they will find a substantial buyer base.
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Natixis reported booming capital markets revenues after market close on Wednesday, taking the whole bank’s profits up 25%.
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Spain is likely to pay higher borrowing costs than at any point this year at an auction on Thursday, as a volatile period for eurozone government bonds rumbles on from last week. -
Hong Kong listed Fosun International is considering increasing the size of its $500m borrowing following strong demand in retail syndication.
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Women’s apparel maker E-Land World has unzipped a $200m dual trancher with four mandated lead arrangers and bookrunners.
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A sell-off in European government bonds this week has public sector bond bankers hoping that investors may soon be tempted to buy public sector new issues in euros in greater size.
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Dufry – HES Beheer – BCA Marketplace – Club Med – Grupa Azoty – International Bank of Azerbaijan – Kungsleden – UBM Group – Oriflame
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Li Ka-shing’s Cheung Kong Property is scheduled to sign its reorganisation loan at a reduced size of HK$40bn ($5.16bn) with 28 lenders. The trade, which started out at HK$55bn, was heavily oversubscribed as 28 banks piled in with commitments of at least HK$5bn each.
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Jerrold Holdings, the UK mortgage lender, priced a £100m tap of its debut high yield bond, double the £50m it initially sought, on Monday to repay some of its banking debt.
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Club Med has allocated its €400m acquisition loan to early bird lenders, avoiding a process of general syndication, after commitments filled the book during its pre-launch stage.
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Indonesian oil and gas company Pertamina has asked banks to review covenants on a loan it wrapped up in February, as future capital expenditure requirements might make it difficult for it to stick to the existing conditions.
