News content
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American Honda Finance visited the sterling bond market for a £250m seven year deal on Monday, in the same week that Total and Daimler also raised short dated sterling bonds.
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Goodyear Dunlop Tires, the US tyre maker, issued €250m of eight year senior notes on Wednesday. The notes are rated Ba1/BB, with a coupon of 3.750% and non-call protection of three years.
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The M&A financing frenzy that propelled the US corporate bond market to record issuance this year is showing no signs of slowing, with bankers expecting more of the same in 2016. This week it was Visa's turn to round off what has been a stupendous year for jumbo deals by making its dollar debut with a blockbuster $16bn trade. David Rothnie reports.
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David Lloyd Leisure, the TDR Capital-owned UK gym and spa firm, and Cooper, the French pharmaceuticals distributor, widened loan pricing this week as the leveraged market became increasingly selective.
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Intesa Sanpaolo issued a €1.25bn 10 year covered bond on Wednesday, a transaction that did not initially seem to be an obvious trade, but which in the end proved very successful.
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UniCredit’s German subsidiary HypoVereinsbank (HVB) priced a well oversubscribed four year mortgage covered bond this week in the wake of CIBC's strong reception in the three year tenor.
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Commercial Bank of Qatar signed its $1bn loan refinancing on Wednesday, increasing the deal from $800m in syndication. However, bankers said it was fortunate to have got the deal done before Middle Eastern loan margins rise.
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The covered bond market experienced a surge in supply this week, confounding expectations, and illustrating how important it is for issuers to seize unusual funding opportunities.
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Unitymedia, the German cable operator, this week priced €420m of senior secured 10 year notes to yield 4.625%, the wide end of price talk.
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Legrand, the French electrical fittings manufacturer, issued a €300m bond amid busy action on Wednesday, carving out its own success in the face of frantic activity.
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Finnish retail and property company Stockmann has issued an €85m hybrid capital bond, after announcing the deal on Tuesday.
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The International Finance Corporation and Rabobank sold a pair of medium term notes denominated in Chilean pesos this week. With some analysts predicting a rise in the price of copper, this could be a sign investors are looking to buy into a correlated currency.