Bank of America
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South Korea’s IPO market is struggling to gain momentum, buffeted by a drop in the benchmark equity index and an increase in surveillance of listing hopefuls by the financial regulator. With the market expected to remain fragile, caution appears to be the way to go, writes Jonathan Breen. -
Osotspa’s Bt15.1bn ($465m) IPO in Thailand is heavily oversubscribed with pricing expected to come near the top of expectations.
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Tencent Music Entertainment Group has started pre-deal investor education for one of the highest-profile IPOs by a Chinese firm in the US this year.
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Kommuninvest was able to get more than enough demand for a rare three year dollar benchmark on Tuesday, despite the deal being priced at a level that onlooking SSA bankers said was flat to fair value.
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Kommuninvest hit screens on Monday for the first dollar benchmark by a Nordic public sector borrower since August.
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The first two major IPOs of the autumn, Funding Circle and SIG Combibloc, have both stayed above water in trading.
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Public sector borrowers snapped up cut price deals in the private markets this week, helping to quell trades in the benchmark sector.
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A shift in the euro/dollar basis swap means more euro funders could look at dollars, according to SSA bankers. Upcoming Asian holidays are likely to jumbo deals, but there could be room for smaller, cheaper names — with one of those issuers getting a rampant reception this week.
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US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars.
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Corporate dollar bond issuance ended a bumper month with a whimper as borrowers fought shy either side of the Fed’s September meeting.
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
