CORP SNAPSHOT: SCR-Sibelco and Logicor keep active week going

Coming into Wednesday's session and we had already seen EUR4.2bn of single currency IG corporate supply cross the tape this week, more than the average estimate of EUR4bn given in our issuance poll, with the highest guess of EUR5bn set to be taken out today with two more out.

Out after calls is SCR-Sibelco NV (through Silfin NV) with a EUR 6yr benchmark, whilst Logicor Financing S.a.r.l is touting an opportunistic EUR 5yr benchmark.

Wednesday's activity comes after we saw three visitors for the second day running on Tuesday as Aroundtown (EUR650m 5yr), Iberdrola (EUR750m 10yr green) and John Deere (EUR900m 8yr) emerged.

Standing out was Aroundtown's first public euro deal since 2021 which emerged after calls on Monday and saw demand peak at EUR4.4bn before settling at EUR3.85bn having priced inside fair value after a 45bps refinement from IPTs to reoffer.

Iberdrola extended its green senior curve via a EUR750m 10yr which also proved to be an economic outing, pricing with a zero NIC having been ramped in 37bps during the execution process. That came at the expense of quite a few orders though as books finished up at EUR2.2bn, down sharply from an earlier EUR4bn peak.

US name John Deere made a quick return to the euro market having only issued paper a couple weeks ago, with demand for the 8yr at EUR1.9bn (EUR2.5bn peak) and the NIC at 8bps.

SCR-Sibelco creates curve with 6yr

Emerging from the pipeline today is Belgian material solutions company SCR-Sibelco NV (BBB-), through its subsidiary Silfin NV.

Having wrapped up a two-day roadshow on Tuesday, the borrower is out with a EUR500m no grow 6yr line via BNP Paribas and KBC as Joint Global Coordinators and ABN AMRO, Commerzbank, HSBC and ING as Joint Bookrunners.

Marketing has started for the Jul 2030s at m/s +275 area IPTs.

Proceeds from the bond will be allocated to general corporate purposes, including M&A and refinancing. On the former, Sibelco last month completed the acquisition of Strategic Materials Inc (SMI), one of North America's largest glass recyclers.

Sibelco has issued just one euro bond before, a EUR350m (from min EUR300m) 2.875% Apr 2027 line in Apr 2022.

That inaugural line landed at m/s +210 from +225 area IPTs on a book which settled at a rather modest EUR725m.

Ahead of the latest offering, the existing Apr 2027s were spotted by leads at i +164 bid and highlighted on the official comps list along with the bonds of sector and rating peers as follows:

Issuer Rating Coupon Size Maturity Life (yr) Spread

SCRSBE BBB- / - / - 2.875 350 11/04/2027 2.8 164

*** Broader sector and generic BBB- names ***

ALIVP - / Baa3 / - 0.875 750 8/11/2028 4.3 111

NK BBB- / Baa3 / - 1.875 300 31/03/2028 3.7 106

NK BBB- / Baa3 / - 4.750 500 29/11/2029 5.4 142

NK BBB- / Baa3 / - 1.000 300 15/07/2031 7.0 151

GLENLN - / Baa1 / - 0.750 600 1/03/2029 4.6 91

GLENLN - / Baa1 / - 4.154 600 29/04/2031 6.8 132

SDFGR BBB- / - / - 4.250 500 19/06/2029 4.9 145

HOTGR BBB- / - / - 4.250 650 31/05/2030 5.9 122

CEPSA - / Baa3 / - 0.750 500 12/02/2028 3.6 99

CEPSA - / Baa3 / - 4.125 750 11/04/2031 6.8 171

Logicor launches 5yr alongside tender

Making a fairly late appearance on Wednesday (deal went live at 09:15 UKT), was European warehouse and logistics company Logicor Financing S.a.r.l (BBB) with an opportunistic 5yr line.

Marketing has started for expected EUR500m Jul 2029s at IPTs of m/s +190 area.

Global Coordinators are Goldman Sachs International and J.P Morgan, with Active Bookrunners Bank of China, BNP Paribas, Citi and Deutsche Bank.

Funds generated from the bond are to be used to refinance and/or repay the issuer's existing debt, including the purchase of notes through the concurrent tender offer. Logicor has announced invitations to the holders of its EUR500m 2.25% May 2025 and EUR500m 0.625% Nov 2025 notes to tender their bonds, with full details here.

The new bond marks Logicor's second euro line of 2024 having printed EUR650m 4.625% Jul 2028s in Jan on the back of a book which fell to a final EUR2.4bn from an earlier EUR3.3bn peak.

That deal was spotted on the official comps list at i +146 bid versus its m/s +200 landing spread, with leads seeing fair value for the 5yr at around m/s +155 when equating for the additional curve.

Logicor 5-year EUR500m (exp) Senior - Comparables

Ticker Rating (M/S&P) Coupon Maturity I-Sprd

LOGICR NR / BBB 1.5000 % Jul-26 116

LOGICR NR / BBB 1.6250 % Jul-27 98

LOGICR NR / BBB 4.6250 % Jul-28 146

LOGICR NR / BBB 3.2500 % Nov-28 155

LOGICR NR / BBB 1.6250 % Jan-30 156

LOGICR NR / BBB 0.8750 % Jan-31 171

LOGICR NR / BBB 2.0000 % Jan-34 181

In the pipeline:

** ITM Entreprises from the Groupement les Mousquetaires (unrated), a French leading independent retailer, and owner of several retail brands in France, including the prominent INTERMARCHE, has mandated Credit Agricole CIB and Societe Generale as Global Coordinators, and BNP Paribas, CIC and Natixis as Joint Active Bookrunners to arrange a series of fixed income investor calls commencing on 9-Jul. A debut EUR300-500m 5yr senior unsecured fixed rate transaction is expected to follow, subject to market conditions. New issue proceeds will be used for General Corporate Purposes and for the refinancing in part of the syndicated bridge facility provided in connection with the acquisition of Casino's stores. Comps here

Performance tracker of recent EUR IG/split-rated benchmark deals

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