Bank of America
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Companies in India are once again turning to qualified institutional placements (QIPs) to meet their fundraising needs, as issuers take advantage of a liquidity driven rally.
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China Feihe filed a listing application in Hong Kong on Wednesday, four years after it was taken private from the New York Stock Exchange.
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The European Financial Stability Facility confounded the expectations of syndicate bankers by opting to print €6bn of 16 year paper, despite having completed its second quarter funding programme.
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The European Investment Bank on Wednesday brought the first 10 year dollar benchmark from a triple-A SSA since the first week of the year, and despite tricky conditions found sufficient demand to increase the trade from its initial $1bn target. Adding a touch of novelty, the deal was part of what Dealogic data shows was EIB’s first ever dual tranche dollar benchmark.
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The SSA market has played host to a series of strong deals this week and shows no signs of fatigue, as investors flock to make the most of the glut of supply.
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Garanti Bank on Tuesday raised $750m with the tightest priced Turkish tier two on record which was testament to the level of comfort investors now have with the product, according to bankers leading the transaction who conceded that the global credit rally had also helped.
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FIT Hon Teng has refiled for an IPO in Hong Kong after shelving the deal last year due to poor investor demand, returning with the same three sponsors.
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The European Investment Bank is set to take a novel approach to green bond issuance, after mandating for a dual tranche dollar deal — of which only one leg is a Climate Awareness Bond. Like Kommuninvest, which printed a four year dollar green bond on Tuesday, the supranational may have to contend with volatile dollar swap spreads.
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The UK drew its largest ever book as it printed its biggest syndication in nominal terms in nearly three years on Tuesday — taking care of nearly a quarter of its overall syndication programme for the 2017-18 financial year in the process. Bankers away from the trade suggested some of the rampant demand may be due to investor hunger for 40 year paper.
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The European Financial Stability Facility is lining up a 16 year euro benchmark for Wednesday, following a blow-out €7bn 30 year OAT.
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Bpifrance, the French state-owned investment bank, has exited Eiffage, the construction and engineering group, after selling its remaining stake in a €428m block trade that was covered inside half an hour.
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Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.