UniCredit

Ontex, the Belgian producer of disposable hygienic products for babies and adults, is beginning on Tuesday a roadshow in London for a €250m high yield bond, after completing its IPO in June.

Louis Dreyfus — Geberit — Heathrow — Arkema

Palfinger, the Austrian crane manufacturer, has raised €105m with a Schuldschein issue that included Asian lenders.

Louis Dreyfus Commodities is refinancing a loan facility raised in December 2011, reducing the amount from $800m to $600m.

The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

Asset managers Tikehau IM and Emisys have provided a six year €14.2m unitranche bond facility for the acquisition by a group of investors led by LBO Italia of GF SpA, a manufacturer of automated filling machines for the pharmaceutical industry. It is the first time such a debt structure has been used for this type of deal in Italy, people involved said.

Metro, the German supermarket group, strengthened the narrative that Europe’s corporate bond new issue market is recovering, with a €500m seven year issue on Tuesday.

The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve.

Rating: Aaa/AAA/AAA

The European Stability Mechanism is the only sovereign, supranational or agency lined up to syndicate in euros next week — and it will do so in very different conditions to the last time it printed. Volatility that some bankers said they had not seen since 2009 or 2010 hit markets in the second half of this week — meaning KfW could not have timed things better by coming with a deal on Tuesday.

German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.

Primary issuance in covered bonds slowed this week with just one deal emerging on Wednesday from Canadian issuer La Caisse Centrale Desjardins du Quebec (CCDQ).