A lead at the time said ADO was letting
people digest news that the chairman of
shareholder S&B, who is also chairman of
ADO itself, had been detained for
questioning by Israeli authorities.
“As far as S&B is aware, the ...
investigation does not relate to ADO Group
Ltd, to ADO Properties SA’s businesses, to an
activity in Germany or Luxembourg, or to
the chairman’s role as a board member of
either ADO Group Ltd or ADO Properties
SA,” an ADO group statement said in mid-
July.
On Wednesday last week, ADO held an
investor call for a proposed long seven-year
tenor but next day cancelled the transaction
altogether.
“There were some headlines around the
company in July and when they started to
re-engage with accounts in September, they
didn’t really like the conditions available to
them in terms of outright levels,” said one
lead.
“It’s a good business, stable Triple B. But
the real estate market in general has been a
under a lot of pressure, a lot of repricing has
happened.”ADO’s €400m of July 2024s have widened a
fair amount in the past couple of months, being
quoted at 123bp over swaps before the
mandate and peaking at 182bp last Wednesday.
They had partially retraced to 163bp on Friday,
according to Tradeweb prices.
Lead banks said that “due to currently
achievable funding levels” and “having
evaluated the full range of funding options”,
ADO had decided not to proceed and would
not issue a larger bond offering for the
foreseeable future.
The lead said the REIT is looking at two
sources of funding away from bonds. The
company did not reply to a request for
comment.
An investor said this year’s heavy real
estate supply means there is more discipline
around the names that are in play.
“We’re not going to be tempted in by an
extra little concession if there’s complexity
around a name. Having that overhang
supply technical means ADO would have
been punished more than otherwise,” the
investor said.
Real estate borrowing volumes have
nearly doubled so far this year versus the2017 corresponding period and there could
be signs of indigestion if recent trades are
any guide.
A no-grow €300m long eight-year from
Citycon in late August did not progress from
the IPT range. And bankers away from Atrium’s
€300m seven-year a week or so later reckoned
the 3.25% landing level looked generous.
Three more borrowers from the sector are
in the public pipeline: SAGAX for a January
2024 euro benchmark, COVIVIO HOTELS with an
expected €300m seven-year and DIC ASSET for
a 5NC3 euro transaction.
Covivio, which is the new name for BBB
(positive) rated Fonciere des Murs, begins its
roadshow on September 10 via CM-CIC,
HSBC, Natixis and Societe Generale.
Unrated DIC Asset, a German real estate
company, has picked Bankhaus Lampe and
Citigroup as joint active bookrunners to
organise European investor meetings
running from September 13 to September 21.AMADEUS ROCKS THE SHORT ENDInvestors rushed to AMADEUS IT GROUP’s three-
parter last Thursday, showing their appetiteInternational Financing Review September 8 2018 31BONDS CORPORATES
ALL INV-GRADE US CORPORATE BONDS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 54 9,633.86 9 .8
2 JP Morgan 52 8,529.81 8. 7
3 Wells Fargo 49 6,919.84 7 .0
4 Morgan Stanley 35 6,822. 79 7 .0
5 Citigroup 37 6,389.67 6.5
6 Barclays 33 6,043.53 6. 2
7 Mizuho 29 5,043.81 5. 1
8 Goldman Sachs 22 4,636.32 4 .7
9 Deutsche Bank 16 3,709.20 3.8
10 SG 8 3,672.63 3. 7
Total 151 98,165.81
Excluding equity-related debt, ABS/MBS, all foreign issues, global issues
and non corporates.
Source: Thomson Reuters SDC code: F6aALL US INVESTMENT GRADE CORPORATE DEBT
(EXCLUDING SOLE SELF FUNDED DEALS)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 292 82,034.09 11. 0
2 BAML 264 80,593.69 10 .8
3 Citigroup 247 68,846.59 9 .2
4 Goldman Sachs 169 59,355. 27 8. 0
5 Morgan Stanley 213 53,192.01 7 .1
6 Barclays 138 49,706.45 6. 7
7 Wells Fargo 184 44,757.44 6. 0
8 HSBC 87 28,182.35 3.8
9 RBC 109 27 ,748.24 3. 7
10 Deutsche Bank 85 23,950.93 3. 2
Total 674 7 44,928.11Source: Thomson Reuters SDC code: F09aALL CORPORATE BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 BNP Paribas 116 19,649.99 8.5
2 Deutsche Bank 89 17 ,354.11 7 .5
3 SG 87 16,681.75 7 .2
4 Credit Agricole 70 12,629.63 5.5
5 JP Morgan 77 12,259.94 5.3
6 UniCredit 67 12,219.48 5.3
7 Goldman Sachs 47 11,772.85 5. 1
8 HSBC 81 11,514.49 5. 0
9 ING 57 10,739.76 4 .7
10 BAML 53 9,381.73 4 .1
Total 348 230,444.08
Excluding equity-related debt. FIGs, ABS/MBS.Source: Thomson Reuters SDC code: N8ALL INVESTMENT-GRADE BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 BNP Paribas 168 4 5,451.51 7 .2
2 HSBC 182 4 1,933.77 6. 7
3 SG 154 39,181.50 6. 2
4 Credit Agricole 144 38,288.90 6. 1
5 JP Morgan 131 3 7,870.89 6. 0
6 Deutsche Bank 156 3 7,537.37 6. 0
7 Barclays 108 33,171.18 5.3
8 UniCredit 140 30,116.58 4 .8
9 Goldman Sachs 81 2 9,153.12 4 .6
10 Citigroup 98 26,394.05 4 .2
Total 870 62 9,865.35
Excluding ABS/MBS, equity-related debt.Source: Thomson Reuters SDC code: N9ALL CORPORATE BONDS IN STERLING
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues £(m) (%)
1 HSBC 12 1,498.33 16.6
2 Barclays 10 1,085.6 3 12. 0
3 Lloyds Bank 9 84 3.95 9 .3
4 RBC 5 7 26.47 8. 0
5 BNP Paribas 8 5 79.34 6. 4
6 Morgan Stanley 4 538.5 7 6. 0
7 NatWest Markets 6 4 34.15 4 .8
8 Goldman Sachs 3 4 12.83 4 .6
9 MUFG 4 328. 21 3.6
10 Santander Global 4 304 .45 3. 4
Total 32 9,041.09Source: Thomson Reuters SDC code: N8aALL SWISS FRANC BONDS EXCLUDING
SECURITISATIONS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues SFr(m) (%)
1 UBS 87 10,489.34 28. 4
2 Credit Suisse 91 10,233.9 7 27 .7
3 ZKB 39 3,987.38 10 .8
4 Verband Schweiz 9 3,788.82 10 .3
5 Raiffeisen Schweiz 25 2,173.30 5.9
6 Deutsche Bank 12 1,488.69 4 .0
7 BNP Paribas 14 1,387.35 3.8
8 Commerzbank 10 7 99.34 2. 2
9 HSBC 7 735.6 3 2. 0
10 Basler KB 3 3 41.92 0 .9
Total 169 36,958. 10
Including preferreds. Excluding equity-related debt.
Source: Thomson Reuters SDC code: K06b6 Bonds 2250 p25-55.indd 31 07/09/2018 19:29:58