Bank of America
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Chinese firm Maoyan Entertainment has sealed its IPO at the bottom of guidance, raising HK$1.96bn ($249.8m) in Hong Kong after an extended roadshow. -
The UK Debt Management Office has appointed a four bank syndicate to run the final syndication of its 2018/19 financial year.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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Citigroup’s first green bond issue has been a long time in coming, but the issuer was elated with the result of the €1bn deal on Wednesday, which was sold into a bond market where investors had slammed the risk pedal to the metal.
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It was another sparkling week in dollars for public sector borrowers, with Asian Development Bank the pick of the bunch as it brought the tightest deal of the year so far versus Libor and US Treasuries. More supply is expected for next week, although some SSA bankers feel the market could do with a “breather”.
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The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.
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Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate.
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French hotel company Accor launched new hybrid and senior bond issues on Thursday after announcing the deals at the end of last week. The new deals finance tender offers for some of the company’s existing hybrid and senior notes.
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High grade corporates are champing at the bit to access the dollar market as credit spreads continue to rally and investors continue to put money to work.
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The path from M&A rainmaker to CEO is a perilous one, as John Cryan and Andrea Orcel have proved. Will Christian Meissner be the next senior banker to try it, asks David Rothnie.
