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The sterling market, so often a safe haven for issuers and investors at times of trouble in Europe, has its own set of problems to deal with, namely the uncertainty caused by the likely political deadlock following the UK general election.
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Delachaux, the French maker of railway tracks, on Thursday hit the deadline for commitments on its €690m-equivalent loan repricing, an aggressive deal that is nevertheless likely to fly. -
Windeln.de, the German online baby products seller, dropped 19% on Wednesday on its first day of trading in Frankfurt — a bitter conclusion to an IPO process that had appeared to run smoothly until then.
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Equity capital markets bankers are ready for the UK general election to produce a period of disrupted markets if the result is inconclusive. But they emphasise that wider factors governing supply and demand for European stocks are likely to be the dominant factor in whether UK ECM is busy for the rest of 2015.
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Halkbank - ArcelorMittal - Yapi Kredi - Xella - Nordic Cinema
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Cellnex Telecom, the Spanish telecoms towers business owned by infrastructure group Abertis, rose 10% when it began trading in Madrid on Thursday, May 7, after its €1.78bn IPO.
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The Finnish City of Seinäjoki made its capital markets debut this week with a €40m private placement as the country’s municipalities increasingly show interest in accessing the bond markets directly.
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Central Bank of Savings Banks Finland on Wednesday sold its first privately placed MTN and is set to print more in the coming weeks.
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The dollar market is providing public sector issuers with an opportunity for primary issuance as other major currencies — euros and sterling — are wracked with uncertainty.
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Alliance Automotive, the French-UK car parts distributor, was back in the high yield market on Wednesday selling a €50m tap of its only bond, issued last year.
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The dollar market demonstrated its resilience this week as investors faced a barrage of high-grade deals with blue-chip borrowers racing to lock in financing amid continuing rates volatility.
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The European Covered Bond Council (ECBC) has proposed a new dual-recourse bond structure to meet the European Commission’s plan for a Capital Markets Union.
