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Follow-ons and Rights issues

Tikehau Capital prepares €1bn capital raise after rapid growth

Shares in Tikehau Capital, the French alternative investment manager, rose almost 6% this week after the company launched a well-flagged €1bn capital raise to finance growth.

Aidan Gregory, June 18, 2019
LevFin Leveraged Loans

Leads tighten Vue docs and pricing

Vue International’s revamped refinancing has tightened doc terms and pricing at the same time, ahead of commitments later on Tuesday, making it harder for part-owner Omers to take money out through its sub-debt —while also narrowing the OID and testing tighter pricing. The issuer may also include a sterling carve-out.

Owen Sanderson, June 18, 2019
Sovereigns

Draghi easing hint sends yields plummeting

European Central Bank boss Mario Draghi sent European govvie yields plunging on Tuesday by redoubling rhetoric that more easing is on its way, leading to an immediate claim of unfairness from US president Donald Trump.

Mike Turner, June 18, 2019
Lloyds shakes up UK and US fixed income groups

Lloyds Bank has appointed heads to several of the banks fixed income groups, while also announcing the retirement of securitized products group (SPG) chief Parker Russell.

Jennifer Kang, June 18, 2019
LevFin People and Markets

Investor group ELFA preps covenant questionnaire

The European Leveraged Finance Alliance has prepared a questionnaire on deal covenants, to help investors grill arrangers and issuers at roadshow meetings, circulating the standard question list to the market’s big investment banks, as well as to its investor members.

Owen Sanderson, June 18, 2019
Senior Debt

UniCredit fixes call option to pref senior deal

UniCredit made the unusual decision of adding a one year call option to a preferred senior bond on Tuesday, nodding towards the bond’s potential value as total loss-absorbing capacity (TLAC). The Italian bank won strong support on a day when dovish central bank comments were fuelling a big rally in the value of risk assets.

Tyler Davies, June 18, 2019
GC View

Investors can't take central bank independence for granted

Central bank independence has long been one of the sacred cows of western financial policy, but the rise of populist politicians is increasing the possibility that it might be on the way to the abattoir.

Sam Kerr, June 18, 2019
Senior Debt

Bankia hoovers up demand for inaugural SNP

Bankia on Tuesday decided to sell its first senior non-preferred bond after the whole market rallied about 5bp as a result of a speech from Mario Draghi, president of the European Central Bank, on Monday. The issuance attracted a hefty book of €3.7bn, more than seven times its pre-determined size of €500m.

David Freitas, June 18, 2019
GC View

Deutsche Bank: cutting to greatness never works

Deutsche Bank’s plan to create a new non-core unit, housing €50bn of assets largely from its markets and banking businesses, is just more of the same old Deutsche restructuring plan, warmed over for a new management team. If a non-core unit, cuts to costs, simplification of business lines, a dash of IT spending and a focus on the best businesses didn’t work when Deutsche stock was at €30, why would it work at €6?

Owen Sanderson, June 18, 2019
Argenta Spaarbank longer duration STS deal moves tighter

European securitization investors this week are pricing longer duration deals tighter than earlier in the year, made comfortable by the ‘simple, transparent and standardised’ (STS) label. This is being demonstrated on Tuesday by Argenta Spaarbank's Green Apple RMBS deal.

Tom Brown, June 18, 2019
ABBs-Block Trades

Infineon Technologies raises €1.5bn for US acquisition

Infineon Technologies, the German semiconductor maker, has raised €1.54bn of fresh equity to finance its takeover of Cypress Semiconductor, an American rival, via an accelerated bookbuild.

Aidan Gregory, June 18, 2019
Equity-Linked

Primary Health Properties sells new £150m CB

Primary Health Properties, the UK real estate investment trust focused on healthcare facilities, plans to raise £150m by selling a new convertible bond due in 2025.

Aidan Gregory, June 18, 2019

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