Bank of America
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Industrial and Commercial Bank of China is marketing a dollar bond deal spanning three tranches through its New York branch. -
Corporate hybrid bond investors have been heavily scaled back on their recent orders for new deals, so they will have been pleased by French laboratory testing firm Eurofins Scientific's Halloween Tuesday announcement mandating for its latest deal.
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Investors cheered Hon Hai Precision Industry Co’s first convertible bond (CB) issue in seven years this week, cramming in $3bn of orders into the $500m deal. That pent-up demand, along with the Taiwanese iPhone parts maker’s own strong equity and credit, meant it could get away with aggressive terms. John Loh writes.
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The securitization market in China is “on a tear”, according to Bank of America Merrill Lynch analysts, and with supply set to greatly outpace that of European ABS, investors should be looking at the Chinese market more closely.
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Tencent-backed China Literature has closed books on its red-hot HK$8.3bn ($1.1bn) Hong Kong IPO a day earlier than planned, although there was no firm price guidance from the lead banks.
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Taiwan-listed Hon Hai Precision Industry Co is in the market with an up to $500m currency-linked convertible bond, breaking a seven year absence from equity-linked issuance.
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Buoyed by Wind Tre’s landmark bond deal on Tuesday, European high yield participants say the market has shown there is demand for more jumbo deals — like Refresco’s €2.4bn buyout debt.
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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.
