Bank of America
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Frasers Commercial Trust topped up its equity capital on Tuesday with a S$100m ($76.1m) placement of new units, boosted on the back of strong demand. -
Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.
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Turkey’s largest hospital group, MLP Sağlık Hizmetleri, also known as MLP Care, set the terms of its IPO on Monday and expects to price it next month.
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On Monday, Italian tyre company Pirelli returned to the bond market for the first time since its IPO. With no other investment grade deals in the market, the new five year transaction saw strong investor demand and 40bp of tightening from initial price thoughts.
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Investec plc, the South African bank’s UK branch, has signed a loan for $450m — growing to more than double its launch amount of $200m after being three times subscribed.
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Investors showed their faith in Tata Steel on Thursday, pouring money into the Indian issuer’s dual-tranche transaction, shrugging off the weak structure and aggressive pricing.
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Following a fourth quarter in 2016 that saw frenzied trading on the back of Donald Trump’s election as president, a rally in US stocks and a steepening yield curve, the biggest US banks saw trading revenues slide at the end of last year.
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All of the US banks that reported results this week booked losses related to troubled South African retailer Steinhoff, other than Morgan Stanley — despite the close relationship between the bank and the firm, which saw it handed a plumb gloco role on the IPO of its African retail arm in September.
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Sterling conditions are searing hot for public sector borrowers, with records breaking left, right and centre. And despite investors taking large volumes out of the market, SSA bankers are confident that more supply can be handled.
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