Rabobank
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After the extremes of recent weeks, with enormous order books and sometimes negative new issue premiums, Europe’s corporate bond market has reached a steadier cruising speed this week.
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The vogue for gym IPOs looks set to continue, with Basic-Fit of the Netherlands announcing an intention to float on Tuesday. -
Swiss chocolate manufacturer Barry Callebaut was on Tuesday five times subscribed on a bond offering after testing European investors’ palates during a five day roadshow.
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Sif Group, the Dutch maker of tubular foundations for offshore wind turbines and oil and gas rigs, succeeded in its second attempt at an IPO on Wednesday, and its shares closed flat after their debut on Thursday.
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Commodities trader Noble Group has wrapped up a $1bn committed unsecured revolver with 25 banks joining the transaction, alongside a $2bn revolving borrowing base facility.
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Double-B rated issuers WEPA Hygieneprodukte, Europe’s leading privately owned tissue manufacturer, and Barry Callebaut, the Swiss chocolate producer, both followed Volvo’s lead in launching bonds on Monday, helping to keep a stuttering primary market active.
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Oil products storage and distribution firm Puma Energy has increased the size of its latest revolver to $800m from $500m, with 35 lenders making commitments. The company has also managed to extend the maturity on part of a three year facility raised last year.
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Taghleef, the Dubai-based food packaging film maker owned by Al Ghurair Group, has tightened pricing on its €285m-equivalent seven year term loan ‘B’ to a margin of 450bp, offered at 99.
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FIG bankers took a breather on Thursday after a frantic week across dollars and euros, but the pace of issuance is expected to swiftly ramp up again after the European Central Bank’s latest policy decision.
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Investors threw more than €6.5bn at a perpetual non-call five year additional tier one trade from Rabobank on Tuesday, the bank’s first such deal since it revised its governance structure.
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