UniCredit
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Daimler launched a €500m 10 year bond on Tuesday that showed quite how divided investor opinion can be about some instruments at the moment. -
Deutsche Annington, the German housing company, on Wednesday brought its fifth bond issue since its rebirth last summer as a listed company that issues unsecured bonds. An objective of the deal was to increase Deutsche Annington’s following with German investors, and it succeeded in this aim.
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Daimler launched a €500m 10 year bond today that showed quite how divided investor opinion can be about some instruments at the moment.
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Tank & Rast, the German motorway services company, has softened a margin cut it is seeking on two tranches of a €1.45bn loan, after pushback from funds.
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The covered bond market had one of its busiest weeks this year as six borrowers from five countries raised €5bn. With outright yields continuing to decline, and investors scrambling to hit return targets, supply was slanted to the long end, where more yield was on offer. Even so, several deals offered coupons that set new lows.
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Nationwide opened books on Wednesday for the first post-crisis UK dual tranche covered bond, and only the second in that format from any jurisdiction this year. The successful outcome may help to establish dual tranche syndication for those issuers looking to raise large amounts of cash without compromising execution.
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The reputation of Liberty Global and Discovery Communications played a decisive part in mitigating lenders' concerns about All3Media's credit quality to secure the television production company a £400m-equivalent loan deal, loans bankers said.
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Slovak Gas Holding has signed a €1.78bn underwritten loan partly to refinance a March 2013 acquisition financing facility.
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Issuers benefited from ideal market conditions for senior unsecured trades this week, with spreads rocketing inwards following the European Central Bank’s decision to cut rates last week. While the sharpest part of the rally may be over, issuers are expected to enjoy an easy ride for the foreseeable future as syndicate bankers expect spreads to grind even tighter.
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The European Financial Stability Facility enjoyed ideal market conditions to print long three year debt this week, with the order book swelling to over twice subscribed despite the issuer offering only the skinniest of new issue premiums.
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Spanish olive oil producer Deoleo scrapped the entire dollar tranche of its €600m loan last week but as the dust settles on the deal it has emerged that US, rather than European investors, played the pivotal role in this swing.
