UniCredit
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Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn of its second senior trade of the year. -
The €350m IPO of GIMA TT, the tobacco packaging machinery division of IMA, is covered throughout its price range and is expected to be priced near the upper end.
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Irish aircraft lessor Goshawk is eyeing up a return to the Schuldschein market, less than a year after its $95m debut last October.
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In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.
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Oesterreichische Kontrollbank found an almost empty market as it made a strong return to euro issuance after nearly a decade of absence. The lack of other benchmarks surprised some bankers — although opportunistic deals and SRI issuance now seems likely to make up the bulk of the remaining deals this year with most issuers very well funded.
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Autostrade per l’Italia, the Italian toll road operator, on Monday printed a €700m 12 year deal to finance a tender offer for up to €650m shorter dated bonds.
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In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor, Brenntag, Australian property company Goodman, and Austrian steel company, Voestalpine, were the latest to join that list.
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Oesterreichische Kontrollbank has made a triumphant return to euros on Tuesday as it printed in the currency following a more than eight year absence. Elsewhere, Nederlandse Waterschapsbank sold a small long dated euro tap — a tactic SSA bankers expect to see more of.
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The €350m IPO of Gima TT, the tobacco packaging machinery division of IMA, was covered at the full deal size including the greenshoe, less than two working days into the bookbuild.
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Oesterreichische Kontrollbank is the only public sector issuer on screens for Tuesday business in either euros or dollars, with supply in the latter likely to be dampened this week due to a crucial US Federal Reserve meeting.
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September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.
