Saturday, 17 March 2018

Pauline Renaud' s stories

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  • Land Securities targets dual-outing for tender offer

    Bonds | 16 March 2018

    Land Securities has picked Lloyds and NatWest as global coordinators for a nine-year benchmark and a potential sub-benchmark tap of its 2.399% 2029S.

  • Signs of indigestion in flooded corporate market

    Bonds | 16 March 2018

    Corporates pummelled the European investment-grade corporate market last week, taking the amount raised to just over €21bn - the second busiest week ever, according to IFR data - but smaller books, higher concessions and wider secondary spreads showed some indigestion.

  • Orange logo

    Saint-Gobain wins in head-to-head race against Orange

    Ticker | 13 March 2018

    Saint-Gobain got the upper hand on Tuesday when coming up against Orange, another French corporate, having both started marketing their respective deals at mid-swaps plus 50bp area, 25bp back of fair value.

  • A woman smokes outside Telefonica headquarters in Madrid

    Telefonica brings largest hybrid since new S&P guidance

    Ticker | 13 March 2018

    Telefonica made the most of a long-awaited issuance window on Tuesday, selling a €2.25bn dual-tranche hybrid to finance the buyback of six euro and sterling subordinated bonds.

  • Sterling takes centre stage

    Bonds | 09 March 2018

    The sterling corporate market showed no signs of abating last week, with three trades hitting the screens on Wednesday and Thursday as most other borrowers shied away from euros ahead of the European Central Bank meeting.

  • Richemont to take first bite of bond market for M&A funding

    Bonds | 09 March 2018

    Compagnie Financiere Richemont kicked off investor meetings in Switzerland on Friday last week for a debut euro multi-tranche offering that will finance the increase of its stake in Yoox Net-a-Porter.

  • The MV Maersk Mc-Kinney Moller, the world's biggest container ship

    Maersk makes inroads into concession

    Ticker | 06 March 2018

    AP Moller-Maersk’s €750m eight-year offering, the proceeds of which will be used to repurchase two sets of 2019 notes, left no premium on the table in a market where last week’s supply flow has been replaced by a trickle.

  • Arrow Global logo

    High-yielders out with dual-tranchers

    Ticker | 05 March 2018

    Two high-yield issuers have started marketing dual-tranche fixed and floating outings, boding well for sub-investment grade volumes in March.

  • March looking busier for Europe

    Bonds | 02 March 2018

    Winter may still be in full swing across most of Europe but bankers and investors see a new season blossoming in the investment-grade corporate market space, ending a rather subdued start of the year.

  • Centrica buys back notes in tender offers

    Bonds | 02 March 2018

    Centrica has agreed to purchase £600m of first and second priority notes across £500m 6.375% 2022s, £200m 6.40% 2026s and £750m 4.375% 2029s as part of a recent tender offer. The company said it expects that none of the third priority notes will be accepted for purchase.

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