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The UK Debt Management Office must raise an additional £4.5bn to meet Chancellor of the Exchequer George Osborne’s revised spending as outlined in Wednesday’s Autumn Statement.
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Groupe Fnac, the French retailer of books, music and electronics, has signed €865m of loans for its €615m acquisition of Darty, the London and Paris-listed French electricals retailer. -
Rampant demand in the convertible bond market, which has produced a run of deals at very attractive terms for issuers, brought two more borrowers into the market on Wednesday with debut deals, Total and Brenntag. But the deals’ execution suggested it might be time for a breather.
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On Wednesday, the same day as Total's debut convertible, came another inaugural deal, from Brenntag, the German chemicals distributor, which has a €7.7bn market cap — dwarfed by Total’s €113bn.
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Coopération Pharmaceutique Française, the French pharmaceuticals distributor known as Cooper, has bank meetings scheduled on Wednesday for more than €350m of new debt for its leveraged buyout by Charterhouse.
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Iliad, the unrated French telecoms company, issued a benchmark euro bond on Thursday, returning to the market after a four year absence.
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Italy added to a week of record low auction yields for the eurozone periphery on Thursday — and more could be on the way as the sovereign lines up to sell longer dated debt on Friday.
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The Canton of Aargau launched a dual tranche deal on Thursday, its first bond since 2010, with one leg carrying a negative yield.
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Exor, the BBB+ rated, listed holding company controlled by the Agnelli family, issued a benchmark seven year bond on Thursday.
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The Development Bank of Southern Africa is tightening ties with Japanese lenders in pursuit of cheaper funding, having signed a $250m loan with Japanese banks earlier this year.
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IFC has issued its first ever rand denominated green bond as it continues to expand its global programme of climate aware financing.
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Deals continue to flow in the Schuldschein market, with KWS Saat and Bertelsmann showing that investors remain supportive following the success of large deals in October.
