Santander
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Peking University Founder Group Co, BOC Aviation and Yuexiu Property Co are meeting investors for their upcoming bond plans, while China National Chemical Corp’s Swiss subsidiary Syngenta is also gearing up for a mega deal. -
Bondholders involved in the resolution of Banco Popular have turned their attention towards US courts in an effort to extract further information from Santander, the bank’s new owner.
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Commodity trader Glencore received a glorious response from the loan market to its latest refinancing, with the size of its annual revolver leaping by almost $4bn during syndication to close at $9.7bn. But senior bankers warned that this is a sign of lender desperation, not borrower strength, writes Michael Turner.
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Commodity trader Glencore has ramped up the size of its short term revolver by almost $4bn between syndication launch and signing, with dozens of banks piling into the refinancing exercise in the latest example of deal starved lenders scrabbling for places to put money to work.
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The IPO of Gategroup, the Swiss airline catering company, has been cancelled after market conditions led to a 'gap in valuations' between the issuer and buyers.
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UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.
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UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.
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It was no surprise to many market participants that Friday saw no new issuance in the corporate bond market after the busiest week of 2018. The conundrum to be solved now though is how the jumbo issuance will affect conditions in potentially the final full week before Easter.
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Sanofi, the French pharmaceutical company, this week priced the largest European corporate bond deal of 2018 — an €8bn six-tranche deal. The company used only European banks as global co-ordinators for the sale, as the euro market proved that it is a viable market for jumbo financings.
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Santander and CaixaBank's additional tier one (AT1) deals this week suggested investors are increasingly taking account of the reset spreads of new issues, as BBVA said it would call its debut bond in the asset class — making it the first in a core currency to be called. Market participants also questioned Santander’s roadshow strategy.
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CaixaBank issued additional tier one (AT1) notes on Tuesday, following on from Santander’s deal the day before. Both banks offered a generous premium as investors push back against historically tight spreads.
