NatWest Markets
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Unédic is set to become the third issuer this week to bring a euro benchmark after the summer, having mandated a deal for Friday following deals for Finland and Bank Nederlandse Gemeenten (BNG) earlier in the week.
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The brewery, pub and hotel company Fuller, Smith & Turner, famous for its London Pride premium ale, has signed two revolving credit facilities totalling £180m. -
The sovereign, supranational and agency sector shot out of its summer snooze on Wednesday, as the first benchmark sized deals in more than three weeks drew bulging books and bankers tipped more mandates to hit screens later in the day. Investors with cash to put to work, a lower level of upcoming SSA supply than the last few years and unexpectedly dovish comments by the European Central Bank president late last week were all contributing to a heavily bid market, said SSA bankers.
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Transurban, a Melbourne based toll road developer and manager, will start a four day roadshow in London and Europe on Monday for a potential euro bond.
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CMB Financial Leasing, a subsidiary of China Merchants Bank, has netted a loan of $295m, nearly double its target of $150m, as 14 lenders came into the deal. It saw a good response from Taiwanese banks, which were drawn to the comfortable three year tenor and generous all-ins.
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Bhira Investments, a subsidiary of Tata Power, has opened a $460m 18 month loan into general syndication as part of a $560m fundraising. The deal is already generating a lot of interest thanks to the generous pricing for what is a short tenor borrowing.
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US corporate issuance slowed through the week as books thinned and issuers offered concessions in order to get deals done before the summer holiday season.
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The Asian arm of Louis Dreyfus Commodities has closed syndication of its three year revolver at $500m, higher than its launch size of $300m, with the borrower’s relationship banks coming into the deal.
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A consortium of five banks has won the mandate for Indian state-owned oil company Hindustan Petroleum Corp’s $200m five year loan, which features a $100m greenshoe.
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ANZ, Bank of America Merrill Lynch, and Royal Bank of Scotland are leading a $560m financing for an overseas subsidiary of Tata Power. SBI is also tipped to join at the top level before syndication.
