RBC Capital Markets
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Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez. -
Canadian Imperial Bank of Commerce (CIBC) sold its first senior unsecured Swiss franc debt on Thursday as opportunities for arbitrage grow for well-rated credits.
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French telecoms firm Altice called on the high yield bond and leveraged loan markets with a €4bn cross-border refinancing deal this week, hoping that improved quarterly results would help investors shake off the apprehension they showed for the credit in March.
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Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels.
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After three sterling bonds this week from the eurozone, the cross-border issuance in the currency reached its highest ever year-to-date level, according to Dealogic.
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The Nordic Investment Bank was able to ratchet in pricing to the lowest five year spread for several years as it fed a dollar market starved of supply.
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RBC Capital Markets is rightly proud of a transformative mandate on Melrose's GKN acquisition, but its ambition shows no sign of waning as it shrugs off senior departures, writes David Rothnie.
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Graham Tufts has left his position as vice chairman of leveraged and acquisition finance at HSBC and is understood to be joining Royal Bank of Canada in a senior role.
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The Nordic Investment Bank is set to bring a dollar benchmark in the five year part of the curve, a tenor that has come back into fashion for public sector borrowers — including from the European Investment Bank on Tuesday. That is despite most secondary flows coming in shorter maturities, according to SSA bankers.
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Greencoat Renewables, the Irish wind farms fund managed by Greencoat Capital, has kicked off its first follow-on offering since its €270m flotation on the London Stock Exchange almost a year ago.
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A slew of deals hit screens in sterling this week, allowing SSA borrowers from three continents to pick up a combined £1.175bn ($1.55bn) in funding — including one borrower’s largest-ever deal in the currency.
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