NatWest Markets
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US corporate new issues have plunged to multi year lows as issuers shrug off strong demand due to the cost of carry. Even Thursday’s confirmation of European Central Bank quantitative easing, which opened the floodgates for FIG issuers, could not move corporate borrowers off the sidelines. -
Five covered bond borrowers issued benchmark deals in the first half of this week, fearing potential volatility from Thursday's European Central Bank announcement on its sovereign quantitative easing programme.
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Financial and leasing services company Far East Horizon, which wrapped up a three year loan in December, is already back for a $200m borrowing. Like its last fundraising, the latest bullet has a margin pegged to China’s state-owned Sinochem’s shareholding in the company.
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SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, the largest European leveraged takeover financing of the year so far.
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State Grid Corp of China, which claims to be the world's largest utility, issued its first euro bond on Monday, a €1bn deal comprising seven and 12 year notes.
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A $3.1bn piece of Tata Steel’s $5.6bn multi-trancher was signed in December with 34 lenders. The deal has been singled out for praise by many loans bankers for its structuring that led to success despite the borrower operating in the troubled steel sector.
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Online gambling business Sky Bet laid out price guidance on its £390m ($591.6m) acquisition loan at a bank meeting on Tuesday, where some investors were swayed after initially being sceptical of the deal.
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After a flurry of mid-market leveraged financings, investors are now preparing for the first large cap deal of the new year. SIG Combibloc, the Swiss drinks carton maker, has invited lenders to bank meetings in London and New York.
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Investment grade corporate bond issuance soared on Wednesday with a €1.75bn ($2.03bn) dual tranche deal from Toyota Motor Credit; benchmark bonds from Iberdrola and Evonik; and debuts from US Reit WP Carey, and UK charity the Wellcome Trust. In total, €4bn of bonds were issued.
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Paragon Community Housing Group has issued its debut bond, pricing a £250m ($379.41m) 32 year on Wednesday. The bond carries a 3.625% coupon, which Paragon’s finance director said was the lowest ever on a UK housing association bond of that tenor.
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Gas Natural, the Spanish gas and electricity company, issued a €500m 10 year bond on Tuesday, attracting €4bn of orders and paying a minimal new issue premium.
