Macquarie Group

Macquarie’s merchant banking model makes it a rare bird in the post-crisis landscape, writes David Rothnie

Solera Holdings, the Texan car and property insurance claims processor, priced its $3.9bn acquisition debt package in line with revised guidance, after reshaping the debt structure in response to weak investor demand.

Solera Holdings’ $3.9bn debt acquisition package has been reduced, following insufficient demand for the $2bn-equivalent bond’s euro tranche.

All eyes in the European leveraged finance market are focused on Solera’s $3.9bn debt package, the only deal in play.

The hidden depth of demand in Europe’s corporate bond market was made amply clear on Monday, when Vodafone trounced market expectations that it would issue a €3bn bond — itself a large and bullish transaction — by raising €6bn.

Macquarie issued its inaugural covered bond on Thursday, meeting a strong reception with the five year €500m paper twice subscribed by investors. Westpac has also opened books on a $1.35bn deal, as Fitch said it expects Australian covered bond issuance to rise this year.

Solera, the US insurance claims processor, held bank meetings on Tuesday in New York and Wednesday in London for a $1.9bn term loan ‘B’, backing its $6.5bn acquisition by Vista Equity Partners.

Clydesdale and Yorkshire Bank Group rose when it began trading after its IPO on Wednesday, having completed its separation from National Australia Bank with a £396m flotation.

SolarWinds, the US IT management software firm, priced its $1.5bn first lien acquisition debt package at a hefty discount on Monday while finalising the euro tranche size.

Clydesdale and Yorkshire Bank Group was due to close the book for its IPO at 2pm on Monday, having put out a final message to inform investors that orders below 180p a share risked missing out. At that level, the deal size would be £397.5m.

Clydesdale and Yorkshire Bank Group, the UK mid-sized bank being spun off by National Australia Bank, has tightened the price range of its London initial public offering to the low end.

Clydesdale and Yorkshire Bank Group, the UK mid-sized bank being spun off by National Australia Bank, has set the price range for its London IPO at a level that it hopes will prove compelling to investors in spite of market volatility.