Bank of America
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A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party. -
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Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand.
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Corporate borrowers dashed to print as investment grade spreads maintained their record levels ahead of a sell-off in US Treasuries, as speculation grew that US president Donald Trump would appoint a policy hawk to replace Janet Yellen as Fed chief.
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The $1.5bn flotation of EN+, the aluminium and power company controlled by Russian oligarch Oleg Deripaska, in London and Moscow is coming during a hot time for the aluminium market and will help to seal a partnership between Russian producer Rusal and Glencore.
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Two more public sector borrowers are set to add to the flurry of socially responsible investments dominating the upcoming SSA pipeline late in the year.
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NRW.Bank brought a large sterling bond this week that was more than doubly subscribed, in what was a “great outcome”, according to bankers away from the trade. The deal came as the UK Debt Management Office picked the tenor for its next syndication.
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Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.
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Singapore’s Reit issuers had a busy week, with Keppel-KBS US Real Estate Investment Trust off to a good start on its $448m IPO and Mapletree Industrial Trust raising S$155.7m ($114.5m) from an overnight placement.
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Industrial & Financial Systems (IFS) closed the loan funding for its acquisition of WorkWave without further syndication on Wednesday, evidence the market is still keen on small size offerings amid a raft of large deals.
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The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.
