UniCredit
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Ontex, the Belgian nappy maker, priced on Wednesday its €250m high yield bond at par with a 4.75% coupon, as part of a debt restructuring that made Moody’s upgrade its rating one notch to Ba3.
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The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday. -
The City of Ludwigshafen has hired banks to run a roadshow for what will be its debut syndication. Meanwhile, City of Berlin picked banks to lead a deal that is set to be priced on Wednesday.
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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.
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Louis Dreyfus — Geberit — Heathrow — Arkema
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Palfinger, the Austrian crane manufacturer, has raised €105m with a Schuldschein issue that included Asian lenders.
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Louis Dreyfus Commodities is refinancing a loan facility raised in December 2011, reducing the amount from $800m to $600m.
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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.
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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.
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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.
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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.
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