Santander
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Three high yield bond borrowers will be roadshowing for a combined volume of €1.2bn of new high yield bonds this week, with a mixture of familiar refinancing and leveraged buyout funding. -
Befesa, the Spanish metals recycling group, has joined the queue of companies going public in Europe this autumn, having announced its intention to float on the Frankfurt Stock Exchange.
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Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.
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On Wednesday sterling corporate bond investors had to evaluate the three latest tranches from property companies as Segro sold a £750m 12 year and 20 year offering and Notting Hill Housing Trust brought a £400m 31 year deal.
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Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.
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Brazil followed Mexico’s example in making the most of idyllic issuance conditions on Tuesday, though some investors argued that Brazil’s $3bn deal demonstrated that the market retained some sense of discipline.
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Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.
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Bank capital investors have eagerly gobbled up billions of euros worth of additional tier one (AT1) paper this year, even as prices have soared to record highs. But underwhelming receptions for a pair of new trades this week suggested that banks have almost reached the limit on how much they can squeeze investors, writes Tyler Davies.
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Heineken used the quieter end of the week in terms of issuance to price its second benchmark corporate bond issue of the year. The sixth benchmark issue of the year in Europe from a beer producer was the only deal in the market on Friday.
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Total, the French oil company, has been a frequent issuer of euro bonds, raising €7bn in 2016 and more than €5bn in each of the two previous years. However, it waited until the last week of September to sell its first new issue in euros in 2017.
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Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.
