NatWest Markets
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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.
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Dubai World, which is trying to restructure its $14.6bn debt burden for the second time in four years, has received the backing of more than two thirds of its creditors, the state-owned investment company has said.
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A week before the European Central Bank is expected to announce a programme of quantitative easing and Greece elects its next president, investors are loading up on senior unsecured paper from top names in FIG, and being paid big new issue premiums. Investors are demanding more in part because of fears of volatility in coming weeks stemming from the ECB and Greece, bankers said.
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Mike Turnbull has joined StormHarbour as managing director, capital markets, a role where he will oversee StormHarbour’s debt capital markets platform.
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BMW priced €1.5bn of bonds on Friday, split evenly between five and 10 year tranches, following the slightly lower rated German car maker Volkswagen’s three tranche deal on Thursday.
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