Bank of America

Ronshine China Holdings sold a three year puttable bond at a 9% handle on Thursday, in a deal catering to reverse enquiry demand. But the issuer’s challenges are far from over, with high leverage, tight liquidity and ballooning refinancing needs putting pressure.

Bilibili, a popular Chinese video-streaming website for Japanese animation, is eyeing a $400m IPO in New York later this year.

Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.

Guarantor: Federal Republic of Germany

Sterling issuance was thin this week relative to its scorching start to the year although there was still room for Kommunalbanken to print its largest ever deal in the currency. Strong supply is on the way from the UK Debt Management Office but while demand is as good as some bankers have ever seen, other deals may be limited by technical factors.

Italian tyre company Pirelli returned to the bond market on Monday for the first time since its IPO. With no other investment grade deals in the market, the new five year transaction enjoyed strong investor demand and 40bp of tightening from initial price thoughts.

Equity investors seem to be shrugging off the geopolitical tension surrounding Turkey, which is fortunate for a pipeline of Turkish IPOs, but there are risks if relations with the US worsen further, writes Sam Kerr.

Investors looking for lower rated high yield bonds welcomed the roadshow of a three tranche, multi-currency deal from Algeco Scotsman, a US modular space and secure storage group, this week.

Bank of America Merrill Lynch’s Akram Zaman is returning to the US after a three year stint in Asia to head the equity syndicate desk in New York, according to sources.

KKR launched an accelerated bookbuild on Wednesday to sell its remaining stake in Pets at Home, the UK retailer. The trade priced at 174p, a 5.9% discount.

KfW on Wednesday posted a clear sign that the path to 10 year dollars is wide open for public sector borrowers, printing a $3bn global that was the largest trade in the tenor for 2.5 years. That left SSA bankers rubbing their hands and speculating over which borrower might come next.

Indonesia’s Medco Energi Internasional and China’s GCL New Energy Holdings bagged $500m each from debt investors on Tuesday, showing the appeal of the commodities and renewable industries.