SABMiller's need to finance its $12.3bn takeover of Foster's saw it issue a $7bn multi-tranche Yankee. The result defied even the most optimistic of expectations, with high demand seeing the brewer come close to refinancing its bridging loan of $8bn in one fell swoop.
Société Générale was a frequent issuer in the bond market until the conditions in the latter half of 2011 brought the Eurobond market to a standstill. So when investor interest was revived in the opening days of 2012, the French bank was quick to take the opportunity to tap the market, issuing a €1.5bn 10-year covered bond, which attracted investors from across Europe.
When the Macquarie and Eiffage consortium, Eiffarie, won a controlling stake in APRR, the highly leveraged French motorway company, Eiffarie knew it needed to gain quick access to the market to refinance APRR's loans. Eiffarie's team established a €6bn euro medium term note programme, and then in mid-November 2011 decided to return to the market with a €500m four-year deal to help repay its outstanding acquisition loan. The result defied even the most optimistic expectations.
ABN Amro has come a long way since RBS and Fortis, two of the Dutch bank's three owners, faced collapse in 2008. So when the senior unsecured debt market reopened in late September, the bank stepped forward to issue a €500m, two-year floating rate note, securing a good price, as it attempts to re-establish itself on the international market.
Sibur and SolVin's highly innovative joint venture to build a PVC plant in Russia was unusual in many ways, not least because of its lack of an offtake scheme in such a risk-averse environment. However, the four-year wait for the deal to come to fruition is paying off for the many players involved.
Days after European leaders agreed on plans for a Greek bail-out, German car manufacturer BMW came to market with a new issue. This was not the first time the company had challenged a difficult market. With cautious pricing, volumes and a bold strategy the issue was over-subscribed and BMW proved the value of its brand.
The retail market can seem a daunting place for some issuers, but Places for People, a UK-based, for-profit housing association, has found success on the London Stock Exchange’s retail platform, with its debut issue nearly trebling in size in the two months from its launch to close. The key to its success was a strong business model, an experienced retail firm and an intensive marketing strategy.
With unrest spreading through many Middle Eastern and north African countries, the stability of the United Arab Emirates is making the country a haven for investors in the region, with Abu Dhabi's development and investment company Mubadala a leading light when it comes to utilising the bond markets.
The caution in the markets following the tsunami in Japan and unrest in north Africa provided an unpromising backdrop to French company Sanofi Aventis's $20bn takeover of US biotech firm Genzyme. However, the deal passed off as a resounding success.
Contingent capital is still the subject of furious debate. Some have called it a dangerous instrument, while others say it may not do what regulators want. Some argue that it will be difficult to create a market big enough to absorb the needs of the banking sector if it becomes a compulsory part of the capital structure. But none of this stopped Credit Suisse's $2bn issue from being a storming success.
Despite its close proximity to crisis-hit Greece, Albania made its first foray into the Eurobond market last year. After agonising over when to issue the deal in such a volatile market, it would seem that the timing of the launch was just right. Writer Joanne Hart
In an attempt to appease regulators, banks are issuing Tier 1 debt capital that converts into equity if a certain trigger point is reached. However, only the biggest names - and those least likely to need to convert debt to equity - will be able to attract investor support for such issuance. Writer Charlie Corbett