Bank of America
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South Korea's Nonghyup Bank is readying investors for its annual dollar bond. -
Zhongyuan Bank has begun fielding interest for its Hong Kong IPO, which is set to raise around $1bn, according to a banker close to the deal.
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Thailand’s PTT Exploration and Production is chasing a potential dollar deal, with an international roadshow beginning on Monday.
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Shares in Allied Irish Banks rose 5% when they began trading on Friday after an excellent response to its €3bn IPO, in which the leads gave nearly a third or investors zero allocations.
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Qinghai Provincial Investment Group Co, Guangdong Hengjian Investment Holding Co and China Logistics Property Holdings Co are expected to meet Reg S investors early next week.
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Europe’s IPO market took a couple of knocks this week when one flotation was pulled and another traded sharply down on its debut, partly because investor sentiment has cooled. But there was still enough vigour in the market to ensure a successful conclusion to the €3bn re-privatisation of Allied Irish Banks (AIB), write John Loh and Jon Hay.
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British Telecommunications and Coentreprise de Transport d’Electricité launched triple tranche bond deals on Tuesday, with demand skewed towards the longer tranches.
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Though this week was expected to be something of a write-off for SSA issuance, thanks to Euromoney’s Global Borrowers & Bond Investors forum, a pair of issuers pulled off well-received transactions.
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Compass Group, the UK food service company, offered investors a choice of main courses on Monday, combining a €750m seven year bond with a £300m 12 year. Demand was plentiful for both and the new issue premiums were minimal.
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Danaher Corp, the US healthcare technology group, issued a €850m dual tranche bond on Monday and the latest reverse Yankee issuer found strong demand for both tranches, resulting in minimal new issue concessions.
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Reckitt Benckiser racked up $16bn in orders as it printed a four tranche bond to fund its purchase of US baby food maker Mead Johnson in an otherwise subdued week for corporate issuers in the US.
