UK
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So far this week, euro corporate bond investors have had to choose between three tranches from an individual issuer. On Wednesday, they had a choice of three issuers, with different ratings and offering different tenors. -
Société Générale raised £42.8m by selling its last shares in TBC Bank Group, the London-listed Georgian lender, on Tuesday night, after pricing the shares at a 6.6% discount.
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The UK’s eighth largest restaurant chain, Wagamama, sold £225m of new bonds on Wednesday, as it plans to call its debut bond and make savings in a sterling market awash with demand.
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The co-founder of Playtech sold down most of his remaining stake in the UK gambling software developer via an overnight placement on Monday, bagging £337.3m.
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On Tuesday, Deutsche Bahn returned to the sterling bond market for the first time in nearly four years. The state-owned German railway company printed a £300m eight year deal, achieving tighter pricing than it would have in euros.
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Playtech’s founder is selling a major chunk of his stake tonight, for up to £317.9m, after shares in the gaming software developer have surged 20.3% this year.
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The UK Debt Management Office has selected the bond to be issued at the second syndication of its 2017-18 financial year, picking a bond at the long end of its target range.
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Leads Building Society extended its covered bond curve by four years on Monday with a €500m seven year covered bond that was priced with little new issue premium. The transaction is expected to be followed by Bank of Queensland’s first covered bond.
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Skipton Building Society returned to the senior market with a £350m five year bond on Monday, as smaller UK financial institutions prepare for the withdrawal of central bank funding schemes.
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Shares in Allied Irish Banks rose 5% when they began trading on Friday after an excellent response to its €3bn IPO, in which the leads gave nearly a third or investors zero allocations.
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The final fortnight of June has been seen as the last busy window for new issuance before the summer. This week lived up to its billing with over €11bn-equivalent of new deals priced and syndicate desks see no reason for conditions to change next week.
