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Equity IPOs

HNA to raise up to Sfr1.3bn in Gategroup IPO

Gategroup, the Swiss airline catering company, has opened the books on its Sfr1.3bn IPO on the SIX Swiss Exchange, valuing the company at Sfr2.6bn at the top of the range.

Aidan Gregory, March 15, 2018
Corporate Bonds

Richemont turns on the style for €3.75bn corporate bond debut

Swiss luxury goods company Richemont made its debut in the corporate bond market on Thursday with a jumbo triple tranche offering. And Goldman Sachs leapt in the league tables by solely running the €3.75bn deal.

Nigel Owen, March 15, 2018
Covered Bonds

Deutsche Hypo issues first sterling Pfandbrief

Deutsche Hypo followed other German lenders into the UK market to price its first covered bond in sterling on Thursday. The deal was priced just 7bp inside where SEB issued an unsecured FRN on the same day.

Bill Thornhill, March 15, 2018
Covered Bonds

PKO enjoys highest subscription ratio on busy day

PKO Bank Hipoteczny may not have attracted the most overall demand in Thursday’s packed issuance window, but its covered bond was notable for having the highest spread and strongest subscription ratio of the five deals in the market.

Bill Thornhill, March 15, 2018
Investment Grade Loans

China M&A fight intensifies with Broadcom block

Deutsche Bank is one of the biggest losers from Broadcom’s failed $142bn bid for Qualcomm after US president Trump issued an extraordinary order to block the world’s biggest technology deal on national security grounds. Silas Brown and David Rothnie report.

David Rothnie, March 15, 2018
Equity IPOs

IPO issuers trim asking prices amid deal rush and vol

IPO issuers are setting conservative valuations on deals to ease execution and aid aftermarket trading after a difficult start to the year led to a rethink of strategies.

Sam Kerr, March 15, 2018
Covered Bonds

Lloyds covereds fly with positive premium

Lloyds issued its first euro covered bond in almost two years on Thursday, helping to assuage Brexit concerns by pricing the €1bn seven year with a positive spread to mid-swaps.

Bill Thornhill, March 15, 2018
Senior Debt

SEB thinly subscribed for bulldog bond

Swedish lender SEB was looking for sterling funding on Thursday, after a clutch of banks issued bonds in the currency on Wednesday. But amid bonds underperforming in the secondary market, the bank was unable to grow the order book much beyond the deal size of £250m.

Jasper Cox, March 15, 2018
Bank Capital

ING takes tier two across two currencies

ING Groep issued two tranches of tier two debt in euros and dollars on Thursday, coughing up premium to print the third tier two of the week.

Jasper Cox, March 15, 2018
Covered Bonds

BNPP Fortis navigates crowded covered mart

BNP Paribas Fortis managed to attract decent demand for its €750m 10 year covered bond this week, despite a plethora of competing issuance scaling back of interest from the Eurosystem, and an increasingly picky and nervous investor base demanding ‘last looks’ in book building.

Bill Thornhill, March 15, 2018
EM LatAm

Vale launches double tender after redeeming 2020s

Brazilian mining giant Vale is continuing its liability management efforts, with a tender offer for up to $1.75bn of two bonds maturing in 2021 and 2022, having already decided to exercise its right to redeem all of its 2020s.

Oliver West, March 15, 2018
Senior Debt

Goldman follows Citi with chunky NIP on 10 year

Goldman Sachs was offering investors a large new issue premium in exchange for 10 year euro funding on Thursday, as trading levels suffered under the weight of recent primary market supply.

Tyler Davies, March 15, 2018

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