Nomura
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A Federal Open Markets Committee meeting and a holiday in much of Europe this week made opportunities for dollar benchmark issuance few and far between. World Bank leapt into the narrow window with an unusual dual tranche deal that seared its curve and attracted enough demand for the issuer to increase it from its target size.
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Searing domestic demand for supranational paper allowed the World Bank to sell the largest Kangaroo bond in four years on Tuesday. The deal was the issuer’s second non-core dollar blowout in as many weeks, following its execution of the largest ever Kauri deal on June 13.
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Webhelp, the French call centre operator, intends to add €120m to an existing €275m loan from June 2013. -
Greek lender Eurobank will sell four year senior debt on Thursday afternoon, the last of Greece’s big four banks to return to the debt markets after the country’s 2010 bailout. While Eurobank has not enjoyed the same scale of demand as other Greek lenders on their returns, the issuer was still able to close books with a comfortable oversubscription.
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Charterhouse - Grupo Memora
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France returned to the primary debt market this week with its first syndicated linker in more than three years, drawing a hefty order book for the inflation-linked bonds despite concerns over deflation in the eurozone.
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Sovereign, supranational and agency bankers are braced for a busy week of issuance, as demand for paper soars in the wake of the European Central Bank’s unveiling of a series of measures which have butchered rates last Thursday.
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Cinven has reached an agreement to sell French medical diagnostics firm Sebia to a consortium led by Montagu Private Equity and Astorg Partners.
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The Malaysian government’s strategic investment fund, Khazanah Nasional, launched a five year exchangeable sukuk worth as much as $750m on Wednesday. However, its refusal to accept anything but the most ambitious terms led it to pull the deal the following day, making it a high profile casualty in what has been a resurgent Asian equity-linked primary market this year, writes Rev Hui.
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Cinven today announced that it had reached an agreement to sell French medical diagnostics firm Sebia to a consortium led by Montagu Private Equity and Astorg Partners.
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Royal Bank of Canada and Commonwealth Bank of Australia took to the sterling market on Wednesday. CBA drew solid demand for a fixed rate deal in the belly of the curve, while RBC opted for an unusually long tenored floater.
