Société Générale
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Cemex, Thomas Cook, Telenet and Lowen Play injected €1.7bn of bond offerings into a visible high yield issuance pipeline already populated with Pinewood and CeramTec this week. -
On Thursday German telecoms company Deutsche Telekom sold its third bond with a 2024 maturity, while Italian state owned railway operator Ferrovie Dello Stato issued its first green bond.
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Private equity firm Ardian is ready to tap Europe’s leveraged finance markets to fund the acquisition of a controlling stake in Dérivés Résiniques et Terpéniques (DRT), the French plant chemistry specialist, but there are mixed views on the outlook for further M&A-fuelled leveraged finance activity.
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Huarong Real Estate Co and Fosun International approached investors with different trades on Tuesday, with the former nabbing €500m from its inaugural offshore bond and the latter taking $300m from an opportunistic deal.
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A local government financing vehicle from China’s Yiwu city leveraged on its strong credentials to raise $500m from a five times covered bond on Tuesday.
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Chinese issuers are yet again dominating the supply in Asia ex-Japan debt markets, with four firms wooing dollar and euro bond investors on Tuesday.
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The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.
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American fast food chain operator McDonald’s on Tuesday sold the sixth reverse Yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.
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French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.
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Two leveraged loan deals in the market this week, for Tele Columbus and PlusServer, have both had their margins tightened by 25bp, suggesting that market participants who predicted early this week that spreads were going to start widening had spoken too soon.
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Some 17 banks have pledged roughly €15bn in a bridge loan to support Hochtief's bid for Abertis, the Spanish toll road operator.
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Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.
