UniCredit
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Porsche has launched a Schuldschein, priced at about half the spreads on its previous €1.1bn offering in March 2016. -
Vakifbank opened books on Tuesday on the third senior 2023 from a Turkish financial institution this year and was expected to guide investors towards a sub-6% print.
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On Monday, Italian tyre company Pirelli returned to the bond market for the first time since its IPO. With no other investment grade deals in the market, the new five year transaction saw strong investor demand and 40bp of tightening from initial price thoughts.
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Instone Real Estate Group, the German housebuilder, plans to go public on the Frankfurt Stock Exchange in February, having filed an intention to float document on Monday.
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Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
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A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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German supermarket group REWE International has become the first company to launch a Schuldschein deal at benchmark size this year, a sign that German blue chips may be busy in the market this year.
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Two CEEMEA corporates hit the road this week to gauge investor interest for dollar bonds — Turkish petrochemical manufacturer Petkim Petrokimya Holding (Petkim) and Russian phosphate fertiliser company PhosAgro .
