Several firms bring new bonds to market - with more planned

A number of new bond issues have priced or have talk emerging, including Abbey, Pernod Ricard, Ceva Logistics, Stena. Other firms also look set to bring bonds to market shortly, including Bank of America, Barclays, Renault and Huntsman.  

Santander-owned Abbey is reportedly set to issue a 2013-dated €1 billion covered bond, with pricing likely to be mid-swaps + 70-75bp.

Price talk on Pernod’s new euro-denominated 2016 deal emerged at mid-swaps + 225-230bp, with proceeds to be used to help refinance loans used for its Absolut vodka brand acquisition in 2008. Pernod has €1.7 billion of loans due next year, as well as a €6.1 billion facility it must repay by 2013.

Price talk on Stena’s new 10-year senior unsecured notes has come in at 8-8.25%. The euro-bond has been upsized from €150 million to €200 million.

Ceva’s $625 million of 2018-dated 11.5% junior priority senior secured notes priced at 98.72 – so yielding 11.75%. Proceeds from the sale will be used to finance the tender of its 2014 second lien secured notes.

Bank of America and Barclays plan seven-year and five-year euro-denominated senior bonds, respectively, with pricing due as early as today. Renault’s seven-year bond is also due. Huntsman has said it is planning to issue $250 million of 2020-dated senior subordinated notes to refinance existing bonds. The firm recently launched a tender offer for 2013 and 2015 notes, as well as an amend and extend on its credit facility.