Bank of America
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Greece was able to exchange more than €25bn of old bonds for new assets in an exercise designed to normalise the borrower’s curve. The offer ended on Tuesday, in the midst of discussions about the conditions that will be attached to Greece’s next tranche of emergency loans. -
Europe's IPO market may be winding down, with only small, niche deals still being announced, but block trades are popping. This is likely to lead to a nail-biting finish in the league table race.
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Sasseur Reit will put off launching its S$500m ($366m) IPO in Singapore until early next year, according to bankers close to the matter.
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Koninklijke Philips, the Dutch healthcare technology company, sold a 12% stake worth €564m in its spun-off subsidiary Philips Lighting on Tuesday through its third accelerated bookbuild in the stock. It was priced at a 3% discount at €32 a share, but traded down on Wednesday and Thursday.
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The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.
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As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure.
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Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.
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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.
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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.
