Ireland
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Greencoat Renewables, the Irish wind farms fund managed by Greencoat Capital, has kicked off its first follow-on offering since its €270m flotation on the London Stock Exchange almost a year ago. -
Tuesday’s senior issue from AIB Group struggled to get over the line, and sent a message to the market about waning investor demand for all but the safest bonds.
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Allied Irish Banks was unable to bring in pricing from initial price thoughts on Tuesday. SpareBank 1 SMN appeared to be finding more success with its senior preferred offering.
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Shipping company Irish Continental Group has signed an €80m financing facility with the European Investment Bank, with the financing coming soon after the company announced a spate of committed and uncommitted loans totaling €608m-equivalent. The ship it finances will be the largest cruise ferry in the world.
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As independent advisers take centre stage on the biggest deals, they will attract greater scrutiny, and their big selling point — freedom from conflicts — could be diminished, writes David Rothnie.
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A pair of sovereigns entered the euro market this week, both returning to the long end of the curve for the first time in three years and drawing large books.
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Californian private equity firm Bertram Capital is combining its European portfolio company Anord Control Systems with UK firm Mardix. The move was funded in the direct lending market with a participation from arranger Barings.
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A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.
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The euro market is back in gear after a few weeks of slow issuance. Three borrowers have mandated deals for Tuesday’s session but one opted for a one day execution, coming on Monday to get ahead of the rush.
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Core Industrial Reit, the Irish real estate investment trust backed by US hedge fund York Capital, has called off its €225m plus IPO in London and Ireland, blaming rough markets.
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Bank of Ireland enjoyed strong demand for its first covered bond issue for over two years on Wednesday, pricing the deal at its tightest spread over the French covered bond market since the sovereign credit crisis.
