Bank of America
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One of the most widely anticipated IPOs in the EMEA region got going on Thursday when EN+ Group, the Russian power and metals business controlled by Oleg Deripaska, said it would sell up to $1.5bn worth of global depositary receipts in London and Moscow in November.
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Abu Dhabi was on track on Tuesday morning to print the second blowout trade from the Gulf in a week following Saudi Arabia's $12.5bn sale last Wednesday. It was also able to drive pricing through Saudi Arabia’s secondary curve, having taken orders of $30bn. -
Iron Mountain, Bormioli and Constellium revved up the engines of the European high yield market with new deals announced on Tuesday that pushed overall issuance so far this year closer to 2014’s all-time €84bn high.
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With some $27.5bn of orders going unallocated in the Saudi Arabia's order book last week, the market is awash with liquidity — much of which has a proven interest in the Gulf. Abu Dhabi has wasted no time in trying to build on Saudi’s success, opening books on its own triple tranche bond offer on Monday.
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Industrial and Commercial Bank of China raised $2bn-equivalent from its three tranche offshore green bond debut, making it one of the largest green bond deals from a Chinese bank.
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The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.
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Asia’s green finance story is not just about China and India. Although the US has threatened to pull out of the Paris Agreement, southeast Asia has reiterated its commitment to sustainability. As Morgan Davis reports, that is beginning to be felt in its financial markets, where countries such as Malaysia, Singapore and Indonesia are exploring ways to foster green financing.
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Kia Motors Corp has mandated banks for a new dollar deal, with a global roadshow kicking off in early October.
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Dollar borrowers failed to take advantage of pent-up demand and tightening spreads as US corporate bond supply recorded a lacklustre end to the month.
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Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.
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Public sector borrowers this week smashed through their conventional curves with green bond issues. But there was some debate over whether this marks the start of a trend or is merely the product of scorching conditions in both the euro and dollar markets.
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