RBC Capital Markets
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LVMH Moët Hennessy Louis Vuitton took advantage of strong demand for its name among private bank buyers to make a rare corporate debut in Australian dollars at the end of last week. -
Korea EximBank made a successful debut in Canadian dollars this week, easily topping its target size.
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Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.
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Korea Eximbank was able to raise well over its minimum target amount on Tuesday with its inaugural bond in Canadian dollars, a currency that the issuer had been eager to print in for a long time.
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Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.
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The Bailiwick of Guernsey could follow Jersey in debuting in the bond market this year, after mandating banks on Monday afternoon to run a series of investor meetings.
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Thursday was a busy day for European investment grade corporate bonds, with €4.9bn issued in euros and sterling. But with a great deal of diversity of issuers, maturities and currencies, the market had more appetite for some than for others.
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A short window of issuance is open for borrowers with dollar benchmarks to do ahead of the Thanksgiving holiday next week that heralds the traditional close of the market.
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High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.
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After a lengthy absence from sterling, Instituto de Crédito Oficial is keen to reestablish itself as a permanent name in the currency. The Spanish agency sold its first new issue in the sterling bond market in five years this week, while Finland came soon after with a five year.
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Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.
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