Mann+Hummel, a veteran borrower in the Schuldschein market, struggled to place a Schuldschein, according to market sources, with participants citing ZF Friedrichshafen’s blockbuster transaction as well as the market’s over-indulgence in the auto sector this year as chief reasons.
Acquisition hungry Bravida has signed a Sk2.5bn (€197m) loan, in a deal that makes up a major part of the Nordic building facilities service provider’s long term capital structure.
VodafoneZiggo, the Dutch telecoms joint venture evenly split between Liberty Global and Vodafone, is looking to raise €3.1bn in fresh capital.
Turkey’s banks have begun their second refinancing season of the year, though increasing political uncertainty, which has led to new US sanctions on Turkey, could jeopardise primary and secondary pricing levels for the borrowers, according to bankers.
The UK’s Endava has signed a new £200m-equivlanet multicurrency facility, with the software development company swapping a bilateral loan for syndicated lending.
Germany’s ZF Friedrichshafen has set final terms on a multi-tranche €2.7bn bond on Monday, with the car parts maker seeing far more demand at wider spreads than where it raised a similar amount in the Schuldschein market in recent weeks.
Macquarie Capital has hired UBS banker Vincent Repaci to head a new asset-based lending group to cover sponsor clients, supporting LBOs, refinancings and restructurings. He joins three other recent senior hires in leveraged credit at the firm.
BAC International Bank has returned to the loan market, seeking $100m from a global syndicate.
Allergan shareholders have waved through its acquisition by rival drug company AbbVie, clearing a major hurdle on the way to billions of dollars of loans and an expected $30bn of bond issuance.
Fullerton India has closed its $250m-equivalent borrowing after 14 participants joined the three bookrunners during syndication.
India's Vedanta, Syndicate Bank make loan comeback — Shanghai Sinnoil defaults on $400m loan — Fullerton allocates $250m among 17 banks — Lesso closes $1.1bn refi — Indorent holds non-deal roadshows
Mann+Hummel, a veteran borrower in the Schuldschein market, struggled to place a Schuldschein, according to market sources, with participants citing ZF Friedrichshafen’s blockbuster transaction as well as the market’s over-indulgence in the auto sector this year as chief reasons.
JP Morgan, Citi and Goldman Sachs kicked off the third quarter results season for investment banks on Tuesday. While debt and equity underwriting revenues grew substantially at JP Morgan compared with the equivalent quarter of last year, they fell at Goldman.
| Rank | Lead Manager | Amount $b | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 302.97 | 836 | 10.96% |
| 2 | Bank of America Merrill Lynch | 285.60 | 889 | 10.33% |
| 3 | Citi | 170.59 | 517 | 6.17% |
| 4 | Wells Fargo Securities | 155.09 | 585 | 5.61% |
| 5 | MUFG | 140.69 | 856 | 5.09% |
| Rank | Lead Manager | Amount $b | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 37.08 | 171 | 7.23% |
| 2 | Credit Agricole CIB | 35.71 | 154 | 6.96% |
| 3 | JPMorgan | 29.35 | 74 | 5.72% |
| 4 | Bank of America Merrill Lynch | 24.21 | 68 | 4.72% |
| 5 | SG Corporate & Investment Banking | 23.67 | 111 | 4.61% |
