Société Générale
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Alstom Auxiliary Components has widened the price guidance on the second lien tranche of its €630m-equivalent loan, a week after offering more spread on its first lien term loan 'B' to attract lenders. -
The reputation of Liberty Global and Discovery Communications played a decisive part in mitigating lenders' concerns about All3Media's credit quality to secure the television production company a £400m-equivalent loan deal, loans bankers said.
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Credit Suisse and ING both hit the senior market with new issues on Tuesday drawing hefty order books for euro deals. While Credit Suisse offered a juicy premium to guarantee success, ING was able to gather almost as many orders at what bankers away from the deal saw as a tight level.
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Far East Horizon (FEH) printed Asia’s second dollar corporate hybrid in less than a week on Tuesday. With investors thirsty for yield in the current low rate environment, the small sized print had attracted a mind boggling order book that allowed the issuer to aggressively tighten final pricing to well under expectations.
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Alstom Auxiliary Components is raising the margin on the second lien tranche of its €630m-equivalent facility after repricing its first lien to pay 50bp more than the top end of its price guidance.
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Slovak Gas Holding has signed a €1.78bn underwritten loan partly to refinance a March 2013 acquisition financing facility.
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Asian issuers have been rolling out hybrid securities during recent months as the low interest rate environment and strong investor appetite for the region create a conducive setting for corporate capital transactions.
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Société Générale will begin a two day investor roadshow in Kuala Lumpur next week as it looks to become the first French bank to tap the Malaysian sukuk market.
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Mediobanca was the sole covered bond issuer to put its head above the transaction parapet on Tuesday morning — the first deal following Mario Draghi’s speech on June 5. Offering a €750m five-year single-A trade to a supply-hungry market, the deal was priced at least 3bp through fair value, according to a lead banker on the deal — a clear signal that the periphery tightening story is not over yet.
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Sandvik, the Swedish tool maker, issued a rare public euro bond on Wednesday and achieved its aims, raising €350m of 12 year funding at only a slight premium.
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The European Financial Stability Facility enjoyed ideal market conditions to print long three year debt this week, with the order book swelling to over twice subscribed despite the issuer offering only the skinniest of new issue premiums.
