Rabobank
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Klöckner Pentaplast, the German plastic packaging maker, has in store a potential subordinated bond deal to fund its merger with UK peer Linpac. Some see the issue as a test on how real the risk appetite is in the European high yield market. -
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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Buyers of sterling high yield bonds were set to show what they make of the June 8 elections in the UK, and the country's economic landscape on Tuesday, as online grocer Ocado priced the first all-round domestic deal since the vote.
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Germany's Klöckner Pentaplast’s merger with UK competitor Linpac will create a global player in the packaging sector, the firm said on Tuesday, with an Ebitda of over €300m. The debt backing the merger will bring leverage at the firm to over eight times Ebitda, however, according to S&P, and one investor said he was concerned the deal could follow the market trend in becoming too aggressive.
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Bank Nederlandse Gemeenten slam-dunked a single day euro execution on Monday into a market buzzing from a pair of eurozone election results over the weekend. Another two issuers have lined up euro deals — including one debut.
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The Brazilian real may have taken a hit amid corruption allegations about the country’s president, but it is still a hit for supranational issuers.
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The blossoming market for socially responsible investments focussing on social problems, rather than environmental concerns, sprouted a new shoot this week. Nederlandse Waterschapsbank’s affordable housing bond could be the first of many of its type and may open the door for housing associations to sell social bonds.
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Nederlandse Waterschapsbank’s first ever affordable housing bond raised €2bn across two tranches on Wednesday. One banker on the deal said he was “certain other borrowers will issue more like this”.
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Nederlandse Waterschapsbank will come to market on Wednesday for its first ever affordable housing bond.
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