Numericable and Altice will test the limits of the high-yield bond market later this month with a €10bn-equivalent bond financing for their acquisition of French telecoms unit SFR from Vivendi.
Iceland’s Arion Banki is to provide an even greater test of investor appetite for risky banks than recent deals from Greece as it plots its first wholesale market funding in a major currency in six years.
Romania proved that investors are able to distinguish between the risks in Ukraine and Russia, and elsewhere in Central and Eastern Europe after printing a blowout €1.25bn 10-year note issue on Tuesday.
The recent global sell-off in internet stocks in the US forced China’s Weibo and Leju Holdings to raise significantly less last week than targeted, adding pressure to the long line of Chinese IPOs waiting in the wings. The outcomes of the two IPOs show that investors are price-sensitive and picky over tech stocks.
The remarkable transformation in appetite for peripheral European financials was illustrated again last week as bankers barely batted an eyelid when asked to increase their underwriting commitments for Banca Monte dei Paschi di Siena’s rights issue from an aggregate €3bn up to €5bn.
Bankers are struggling to explain why recent European IPOs have performed badly in the aftermarket, with only three of the past eight public offerings registering gains of any notable size for investors.
Gaming company Caesars made a big leap forward in its complex restructuring plan last week after selling a US$675m high-yield bond issue – the final piece of financing for a crucial sale of four of its casinos for US$1.8bn.