Nomura
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Spanish pharmaceutical company Grifols is raising the vast majority of its new $4.8bn-equivalent refinancing loan package in dollars, matching its revenues and retaining a debt structure that will rely more on investors in the US than in Europe. -
ASB Finance made only its second trip to the sterling senior unsecured market on Tuesday, targeting a popular three year floating rate transaction and nudging up senior supply in a week that could be over in terms of issuance by as early as Wednesday.
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Export-Import Bank of Korea (Kexim) is making a return to the Samurai market with a three tranche offering.
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Multipolar has reopened its $200m 9.75% 2018s with a $30m tap. The Indonesian retailer made the offering to meet new financing needs but was restricted to a small issuance by high yield debt covenants, according to a banker on the deal.
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The European market will have to wait. After talk that Ceva Santé Animale, the French maker of veterinary vaccines, would raise the first euro-only covenant-lite leveraged loan since the financial crisis, it has now emerged that the €700m transaction will also include a dollar tranche.
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Japan Bank for International Cooperation priced its first sterling benchmark in 17 years this week, and investors snapped up the opportunity to buy a rare name in sterling. JBIC, which will on-lend the proceeds to a UK rail project, could become a regular issuer in the currency as it is looking at financing more projects in the UK.
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Grifols, the Spanish pharmaceuticals company, is due to launch $4.8bn of senior loans on Friday, making it the second borrower so far this year to rely at least in part on institutional lenders for a jumbo facility, after Ziggo’s €3.7bn deal late last month.
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Gas Natural Fenosa, the Spanish gas and electricity company, issued on Thursday the first Spanish corporate bond of the year, and was swamped with a €5bn order book for the €500m no-grow issue.
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Gas Natural Fenosa, the Spanish gas and electricity company, today issued the first Spanish corporate bond of the year, and was swamped with a €5bn orderbook for the €500m no-grow issue.
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The European market will have to wait. After talk that Ceva Santé Animale, the French maker of veterinary vaccines, would raise the first euro-only covenant-lite leveraged loan since the financial crisis, it has now emerged that the €700m transaction will also include a dollar tranche.
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Demand for dollar deals from a pair of German issuers surpassed expectations this week, as Erste Abwicklungsanstalt followed a heavily oversubscribed print from KfW with its debut benchmark in the currency — and had to increase the size in the face of strong demand.
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