German Sovereign
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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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The healthy demand for Schaeffler’s three tranche bond issue yesterday, €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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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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An investor in German car manufacturer BMW sold €198m of shares on Monday night, but the deal was unlikely to inspire other block trades, bankers said, as the equity markets remain highly volatile. -
Schaeffler, the German car parts maker, closed books on Tuesday for a three tranche bond issue, €1.2bn-equivalent of senior secured payment-in-kind notes that are the first new issue in European high yield for two weeks.
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SAP, the German software firm, closed syndication of the €7bn bridge facility for its $8.3bn acquisition of US expenses software firm Concur at the end of last week with the participation of all the invited banks, according to people familiar with the deal.
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German ball bearing manufacturer Schaeffler intends to issue €1.2bn-equivalent of senior secured bonds, making it the first high yield issuer in Europe to announce a new deal for nearly a fortnight.
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Most European banks are likely to pass the European Central Bank’s Comprehensive Assessment, the results of which will be released on October 26, but mid-tier Portuguese, Italian, Cypriot and German banks are most at risk of falling short of a passing grade, according to analysts at Royal Bank of Scotland.
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The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich was the latest in a series of transatlantic M&A related loans for investment grade German borrowers to close oversubscribed. Banks have plenty of cash and are keen to use it, but a trend for large tickets and slim banking groups means there may not be enough to go around.
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United Internet, the German internet services provider, closed the €1.35bn loan for its acquisition of Versatel on Wednesday, leaving the path open to a Schuldschein transaction for banks left outside the syndication.
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Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation into investment grade credit trading.
