RBC Capital Markets
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KfW and the European Investment Bank mandated banks on Wednesday for the first sterling SSA deals of the year. Public sector borrowers are looking to pile into the sterling market before the crunch vote by the UK Parliament on Theresa May’s Brexit deal in mid-January, with deals expected in both Sonia-linked and fixed rate formats. -
Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.
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Shareholders have waved through The Restaurant Group’s (TRG) £559m debt and equity-funded purchase of UK Asian-themed restaurant Wagamama, despite a large portion of those voting opposing the deal.
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Takeda Pharmaceutical, the Japanese firm buying UK rival Shire, defied tough market conditions to press ahead with a $5.5bn trade to help fund its $62.5bn acquisition ahead of the Thanksgiving holiday.
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Atlantica Yield, the UK-based energy yieldco that was formerly Abengoa Yield, abandoned a $300m eight year high yield bond issue on Tuesday, as yields in the market reached their highest for over two years.
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After Volkswagen (VW) printed the biggest corporate bond trade in its history the previous week, Volkswagen International Finance sold a six tranche dual-currency deal on Monday. While pricing on the dollar clips was commended by market participants, there were fewer compliments about the euro tranches, writes Nigel Owen.
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In an otherwise barren week for block trades, Hansa Medical, the Swedish biotechnology company, raised Skr399.8m of fresh capital to fund product development. The deal also provided an opportunity for Nexttobe AB to sell a portion of its stake in the company.
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After Volkswagen printed the biggest trade in its history the previous week, the company’s International Finance arm sold a six tranche dual-currency deal on Monday. In total, the company raised more than €14bn equivalent in a week.
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Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.
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After a year during which euro issuance from SSAs has far outstripped that in dollars, thanks to the vagaries of the euro/dollar basis swap, a German agency was able to nip in to a funding week shortened by US elections and central bank meetings to score a strong result with its sole dollar benchmark of the year.
