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. -
Belgium, KfW and the European Financial Stability Facility could be first in line with euro benchmarks after issuers largely avoided a tricky time this week that included German holidays, a European Central Bank rates decision and uncertainty over the stand-off between Ukraine and Russia.
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French veterinary vaccines maker Ceva Sante Animale will begin to market a €700m-equivalent refinancing term loan at bank meetings next week.
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Banco Popolare built the biggest order book for a senior unsecured deal in months on Thursday, paying a generous new issue premium in order to reach a size of €1.25bn for its long-awaited five year.
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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.
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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.
