UniCredit
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Bankers are preparing the ground for the first Turkish covered bond with Akbank and Garanti Bank lining up for issuance. Pricing for both will be wide of the sovereign and the banks are preparing extensive investor roadshows. While funding officials are confident that the bonds will sell well, syndicate bankers question whether they will find a substantial buyer base.
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Xella, the German building materials manufacturer, has closed books on a €533m refinancing and amend-and-extend loan procedure that was oversubscribed, allowing for price cuts.
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Harman International Industries, a US maker of audiovisual equipment, has hired banks for its first euro bond, having previously issued only in dollars. -
A triumphant first Grüner Pfandbrief has snapped the covered bond market out of its recent decline, bringing new buyers to a product that many investors abandoned this year as the European Central Bank’s purchases crowded them out, writes Bill Thornhill.
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Dufry, the Swiss travel retail group, has closed the term loan stage of its bridge loan takeout. The facility is oversubscribed and likely to come at a large size.
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UniCredit has merged loan and bond syndicate and loan and bond origination into a single primary markets debt platform, to be headed by Marco Bales.
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International Bank of Azerbaijan has signed a $200m loan which was launched at $125m and increased after oversubscription.
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Mahle, the Stuttgart-based car and lorry parts maker, has hired five banks for a three day bond roadshow starting on May 4, after its annual results are released.
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Leeds Building society surprised on Friday by hitting the euro market for a seven year print, the only senior deal in euros from a financial this week.
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Three euro benchmark covered bonds were issued this week from borrowers in Belgium, Norway and the Netherlands. But it was the debut Dutch conditional pass through (CPT) structure from Van Lanschot Bankiers that proved the most interesting.
