Bank of America
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A wave of public sector borrowers is set to hit screens next week, providing investors who have recently been lacking socially responsible bond issues with a well stocked menu of ethically themed deals. -
Dollar corporate bond supply kicked off November on a quiet note after the the Federal Reserve’s two day meeting kept borrowers on the sidelines following a frantic start to the week when spreads continued to tighten and cash poured into the high-grade market.
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On Thursday night the French government sold a 4.7% stake in Renault, the car maker, via an accelerated bookbuild that was priced without any discount, thanks largely to its removal of an overhang. The stock leapt on Friday.
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Bank Nederlandse Gemeenten (BNG) launched its fourth sustainability bond on Thursday, printing €750m into what one head of DCM away from the trade called a “massively oversubscribed book”, in what is likely a good omen for the approaching wave of SRI borrowing.
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After two days of public holidays in Germany, euro corporate bond bankers launched the first new issues of the week on Thursday. Two frequent German issuers, Aroundtown and Daimler, broke the silence.
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Hong Kong’s overnight interbank lending rate spiked dramatically this week, after a horde of retail investors borrowed on margin to place bets on two IPOs.
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Industrial and Commercial Bank of China closed a $1.5bn three tranche deal through its New York branch on Wednesday, finally closing the 10 year bond sale it hoped to do last year.
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Turkish biscuit maker Ülker has launched its second syndicated loan of the year for $350m, having been the first Turkish company to come to the market this year, in April.
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A pair of Dutch public sector borrowers are set to come to market with socially responsible investment bonds. The deals form the first wave of an approaching flood of SSA SRI borrowing.
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The IPO of EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, has got covered at its base size, on the penultimate day of the bookbuild.
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China Literature has priced its listing at the top of guidance, raising HK$8.3bn ($1.06bn) after closing the books hundreds of times oversubscribed.
