Bank of America
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SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern. -
Hyundai Oilbank, a subsidiary of South Korean shipbuilding firm Hyundai Heavy Industries, is expected to delay its IPO until 2019, according to a banker working on the deal.
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KfW and the Province of Ontario will hit separate parts of the dollar curve on Wednesday, with the former circulating what one on-looking banker described as “punchy” price thoughts. The deals followed a well-received floating rate note from a German Land that doubled in size.
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The European Stability Mechanism completed over 50% of its funding target for the fourth quarter on Tuesday with its first three year euro benchmark since 2015.
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German car manufacturer Volkswagen livened up investors’ Tuesday with a new triple-tranche deal.
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Thai energy drinks manufacturer Osotspa has raised Bt15.1bn ($459.5m) from its IPO, taking advantage of a quiet market and its familiarity among investors to price at the top of the range.
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A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.
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Switzerland’s Nestlé has refinanced or extended loans totaling around €11bn, and lenders say that the rest of the year will be populated by similar transactions in the investment grade market.
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Comcast got October off to a flyer after high-grade corporate dollar issuance slumped to its weakest level for four years in third quarter. However, aside from Comcast there were slim pickings in the high-grade market this week.
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Comcast wowed the dollar market with the fourth biggest corporate bond of all time as investors jumped in to produce a bulging order book against a strong technical backdrop.
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The International Finance Corp became the first issuer to launch a green Komodo bond — an offshore bond in Indonesian rupiah — on September 28. But the World Bank had the same idea: it launched a sustainability bond in rupiah the following week.
