Bank of America
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Equity-linked bond issuers are often the most quixotic group among equity capital markets issuers — the market is frequently marked by sudden droughts caused by lack of deals, despite strong market conditions, as happened this spring.
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The Philippines’ BDO Unibank is back in the dollar debt market less than a year after its last transaction, marking just the second offshore deal from the island nation this year. -
The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.
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Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.
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BDO Unibank has mandated firms for a proposed dollar bond, marking a rare international debt offering from the Philippines this year.
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Shinhan Bank has hired five firms to arrange a global roadshow gauging interests for what would be the South Korean commercial bank's second outing in US dollars this year.
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Six corporate investment grade borrowers took home a combined $3.75bn as the US dollar market finally took a breather for the summer after the breakneck pace of issuance for the month so far.
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Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
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The two new issues that were priced in the European corporate bond market this week have both tightened from their reoffer spreads. The success of these deals has accelerated the thinking of some issuers and two more roadshows were announced on Thursday.
