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Supras and agencies

KfW and CPPIB break spread barriers in red hot dollar short end

KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.

Burhan Khadbai, April 08, 2021
High grade and crossover bonds

Gatwick lands bumper demand in senior outing

Gatwick Airport got a bulging order book for its return to the senior funding market, weeks after the UK airport got chunky demand for its debut subordinated transaction.

Mike Turner, April 08, 2021
LevFin Leveraged Loans

Comeback kid Röhm lines up par refi

Röhm, the renamed Evonik Specialty Chemicals, is back in the market looking to refinance its 2026 €997m term loan 'B' near par, following a surprisingly strong performance through 2020.

Owen Sanderson, April 08, 2021
Supras and agencies

CEB nabs pricey SIB while Andalucia makes sustainability debut

The Council of Europe Development Bank hit the market for €500m on Thursday, with a pricey bond carrying a social inclusion bond label. On the same day, Andalucia sold its first ever sustainability bond.

Lewis McLellan, April 08, 2021
Equity-Linked

Europe’s beaten-up stocks soar, spurring convertible issuance

With European stocks on a tear ahead of the expected post-Covid economic reopening of the continent later this year, the convertible bond market is expected to be active as companies seek to raise capital to position themselves for the recovery.

Aidan Gregory, April 08, 2021
People News

Moves in Brief — April 9, 2021

Powell returns to SEB for expanded job — BNPP team quits for boutique — HSBC returns Horsburgh to UK — NatWest promotes Plan — ICBC FI boss moves on

David Rothnie, April 08, 2021
Equity IPOs

Investors turn tough on IPOs after Deliveroo horror show

IPO sellers are keen to revive the market in Europe after Deliveroo’s disastrous debut last week. But investors, with the food delivery company’s share price collapse still fresh in their minds, are pushing banks on valuations for new listings, reports Sam Kerr.

Sam Kerr, April 08, 2021
High yield

Merck spin-off Organon launches $4.5bn bond financing

Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.

Owen Sanderson, April 08, 2021
High grade and crossover bonds

KPN bonds widen 80bp on buyout rumour

KPN, the Dutch telecoms company, saw its bond spreads swing out on Thursday, on renewed reports that private equity firms are lining up to buy the company.

Mike Turner, April 08, 2021
LevFin CLOs

Reset wave helps NoChu cut CLO book

Record levels of resets in the CLO market on both sides of the Atlantic are helping NorinChukin Bank, once the anchor investor for many triple-A tranches, slim down its investment portfolio in the asset class. Fortunately, new big buyers are stepping up at the top of the capital structure, and on less onerous terms than NoChu demanded.

Owen Sanderson, April 08, 2021
LevFin High Yield Bonds

TI Fluid adds unsecured HY layer

TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.

Owen Sanderson, April 08, 2021
Syndicated Loans

BNP Paribas bankers in Spain leave for boutique firm

A group of BNP Paribas bankers in Spain have jumped ship to join boutique firm Beka Finance, according to market sources. One person familiar with the situation said that the French bank will refill these roles in due course.

Silas Brown, April 08, 2021

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