UniCredit
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Italian electricity company Enel has priced a €1.46bn 10 year bond, to be issued to the holders of six shorter dated bonds, after 25% of the investors accepted an exchange offer. -
SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, the largest European leveraged takeover financing of the year so far.
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Enel, the Italian electricity company, has set the minimum spread for its new 10 year benchmark euro bond at 115bp over mid-swaps, which one banker described as a "very investor-friendly" level.
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The covered bond market enjoyed its busiest week in the last three years as 16 borrowers launched benchmarks with a nominal value of €13.5bn ($15.70bn) across a range of currencies and tenors. But investors clearly showed a preference for the seven year — of which there were seven deals, accounting for half of this week’s supply.
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German online hosting provider Host Europe set out price guidance on £535m-equivalent of leveraged loans on Thursday, as part of its acquisition of Intergenia.
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Enel, Italy's leading power company, announced on Wednesday that it would issue a benchmark 10 year bond in an exchange offer for up to €5.5bn of existing bonds, as part of a liability management exercise. The transaction is meant to extend Enel's maturity profile.
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After a flurry of mid-market leveraged financings, investors are now preparing for the first large cap deal of the new year. SIG Combibloc, the Swiss drinks carton maker, has invited lenders to bank meetings in London and New York.
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Investment grade corporate bond issuance soared on Wednesday with a €1.75bn ($2.03bn) dual tranche deal from Toyota Motor Credit; benchmark bonds from Iberdrola and Evonik; and debuts from US Reit WP Carey, and UK charity the Wellcome Trust. In total, €4bn of bonds were issued.
