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Deal refinances €1.5bn transaction from 2022 while providing new money and is sustainability-linked
Volumes and deals similar to last year, when the market grew by 13% year-on-year to an annual record
The German toy production company doubled the size of its RCF but maintained its banking consortium
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The loan backing the €5.8bn takeover of Versum Materials by German pharmaceutical firm Merck launched into syndication on Wednesday. Three banks are leading the financing. Versum is the former electronic materials division of Air Products & Chemicals, which was spun off in 2016. -
NatWest Markets has hired an experienced debt capital markets banker to be its country head for Germany, based in Frankfurt.
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Triple-B rated corporate debt has grown more than most other rating bands in EMEA in the past decade, according to Moody's, and now accounts for a record share at 41%. This level of the market has expanded, against a backdrop of generally somewhat declining credit quality.
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Garanti Bank will refinance part of an existing $1.4bn loan by mid-May, joining four other banks amid the Turkish refi season. Although one year spreads have widened slightly in the secondary market, largely due to the weakening lira, bankers believe Turkish financial institution debt is still attractive.
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Groupe PSA, the French car maker, has sold more than €500m of Schuldscheine, as a flurry of French firms find fortune in the market.
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Anadarko Petroleum has opened talks with potential suitor Occidental Petroleum, leaving bankers gobsmacked and potentially costing the US shale oil company $1bn if it cancels its acquisition by Chevron.
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