Bank of America
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Singapore sovereign investor GIC pocketed Bt3.6bn ($110m) over the weekend after selling the last of its stake in Thailand’s Quality Houses through a block deal. -
Turkish banks Garanti and Finansbank have signed their last refinancing loans of the year, for $1.36bn and $780.05m, respectively.
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Emaar Properties’ real estate development unit has sagged in the aftermarket after it priced its Dh4.8bn ($1.3bn) IPO last week, amid heightened geopolitical risk in the Middle East and a general weakness in the IPO market.
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Thailand’s Gulf Energy Development Co priced its IPO at the top of guidance this week, raising Bt23.9bn ($730.4m) from the largest corporate listing in the country in more than a decade. The deal was swamped with orders, reflecting investors’ eagerness to look beyond Asia’s developed markets for better returns, writes Jonathan Breen.
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India’s surprise rating upgrade at the end of last week is expected to encourage more of the country’s issuers to head to the international bond market. But while state-owned enterprises are set to see their funding costs drop, many are unclear about the benefits to what they consider an already upbeat market. Morgan Davis reports.
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The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.
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Ülker has signed a $450m loan with 15 banks. It is the second time this year the Turkish biscuit maker has come to the market, with both loans oversubscribed despite political instability in its home country.
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Investment grade issuers China State Construction International Holdings and Shenzhen International Holdings raised $800m and $300m, respectively, on Tuesday. But their bonds struggled to perform in secondary due to lingering softness in the market.
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Thailand’s Gulf Energy Development Co has priced its IPO at the top of guidance, raising Bt23.9bn ($730.4m) from the largest corporate listing in the country in over a decade.
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Broad demand helped Mexico’s Crédito Real price the first perpetual hybrid from a Latin American non-bank lender at the tight end of guidance on Tuesday.
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Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.
