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.
After a harrowing 2011 for Europe's crisis-hit sovereign states – and the banks doing business within them – the European Central Bank's long-term refinancing operation has given the markets a much needed boost and offers hope for 2012. However, some still claim that it is little more than a sticking plaster for Europe's troubles.
As the eurozone's struggles continue to dominate the headlines, institutional investors have flocked to what they perceive as 'safe havens', such as Europe's non-eurozone countries, emerging markets and the US, with even some eurozone-based corporates being considered a more attractive credit bet than their countries' governments.
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.
Recent events show that the desire to put in place a global recovery and resolution regime to prevent the kind of government intervention that was required during the financial crisis is very much a work in progress. For banks it requires a tremendous amount of work and unprecedented transparency about their operations. For national regulators, it means forging agreements that bring together disparate insolvency regimes.
China's onshore market has grown apace in recent years, driven by significant growth in its economy. Its increased size did not automatically lead to increased diversification, however, as the market remains dominated by government issues. Will new access rules and promising yields from corporate bonds lead to a more open market?
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.
Confidence in the sovereign linker market has been shaken following the credit downgrade of Greece. Demand has soared on AAA rated bonds, but with demand vastly outweighing supply in this sector, investors are turning to the corporate market and direct infrastructure for protection against inflation.
Private equity firms have cultivated greater interest in renewable energy during the past few years and with many governments paying more attention to renewables, offering subsidies to encourage investment in the sector, it appears their timing could not have been better. But can the pace of growth be maintained?
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.