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Investment Grade Loans

Merck’s Versum swoop fails to cheer lenders

Germany’s Merck has made an unsolicited $5.9bn enterprise value offer for Versum, the US maker of materials for the electronics industry, amid a spate of mergers and acquisitions announced this week, though financiers say that has yet to spark a rise in loan demand.

Mike Turner, February 28, 2019
Syndicated Loans

Loans bankers suffer second month of minuscule volumes

The EMEA region syndicated loan market has endured its second consecutive month of multi-year volume lows, with February volumes collapsing a massive 84.5% year on year.

Mike Turner, February 28, 2019
LevFin High Yield Bonds

When a change of control doesn’t mean that

None of the high yield bond issues from telecoms group UPC will have their change of control provisions triggered, despite Liberty Global’s sale of the group to Sunrise Communications Group, announced on Thursday morning. High yield investors would be unlikely to take the deal, with bonds trading over the put price, and Sunrise targeting an investment grade rating, but it underlines the weakness of these protections in high yield documentation.

Owen Sanderson, February 28, 2019
CEE

Koç Holding markets dollars

Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.

Francesca Young, February 28, 2019
CEE

QNB Finansbank books over $1.4bn, guidance revised

QNB Finansbank has revised initial price thoughts for its benchmark dollar 5.5 year bond, with books for the deal over $1.4bn. Both an investor and a syndicate official had said earlier in the day they expected tighter pricing.

Francesca Young, February 28, 2019
FIG

Carige brings fresh turnaround plan in bid to attract a partner

Banca Carige, the struggling Italian lender, said this week that it was looking for €630m of new equity capital to carry out an ambitious plan to bring its non-performing exposure (NPE) ratio down to 6%-7% from 22%. The institution is also hoping to overhaul its funding sources, faced with replacing €5.5bn of financing from the Italian government and the European Central Bank.

Tyler Davies, February 28, 2019
Southpaw

ABN opts for pragmatism over ambition

ABN Amro, one of the banks at the centre of the global financial crisis in 2008, hopes that a new structure designed to deliver on a corporate and institutional banking (CIB) strategy anchored closer to home will allow it to prosper.

David Rothnie, February 28, 2019
EM Middle East

EDB bags tight price with debut

The first issuer representing the United Arab Emirates as a federal entity came to market this week. Emirates Development Bank raised $750m with a five year, surprising market participants with an aggressive pricing strategy.

Lewis McLellan, February 28, 2019
Equity IPOs

Lawyer suggests direct listings could sidestep UK IPO volatility

UK IPO sellers should consider an entirely different listing process, to cope with more volatile markets and ensure a flotation has a higher chance of success, argues Richard Brown, corporate finance partner at US law firm Baker Botts in London.

Sam Kerr, February 28, 2019
Asia

Risun Group launches bookbuilding for $243m HK IPO

Chemicals company China Risun Group has kicked off the deal roadshow for its Hong Kong IPO, eyeing proceeds of up to HK$1.9bn ($243.1m).

Jonathan Breen, February 28, 2019
Asia

Futu eyes $131m from reduced Nasdaq IPO

Futu Holdings, theparent of Hong Kong-based Futu Securities International, has hit the road with an up to $130.8m Nasdaq IPO. The firm has cut the size of its float amid shaky markets, but the deal is still being used as a yardstick by its larger competitor Tiger Brokers, which is snapping at Futu’s heels with its own US listing. Jonathan Breen reports.

Jonathan Breen, February 28, 2019
CEE

Poland going long for green bond pair

Poland is in the market for its most ambitious green bonds yet. It has opened books for two tranches of euro debt, hitting the 10 and 30 year maturity buckets.

Lewis McLellan, February 28, 2019

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