Bank of America
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The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings. -
US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.
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Sustainability bonds are the flavour of the week for regional issuers, as the State of North Rhine-Westphalia smashed the size record for sub-sovereign SRI bonds on Tuesday and Île-de-France hit screens to announce its own socially responsible investment bond.
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The four banks under investigation by the US Department of Justice and other authorities for manipulation of SSA trading have made little, if any, mention of the risks of the probe in their reporting and regulatory filings.
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South Korea’s Hyundai Capital Services timed its $600m outing well, thriving on its strong name recognition and the variety it added to the debt market to put together a fairly priced deal.
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RPC Group, the UK maker of rigid plastic packaging, has secured a 96% take-up on the £552m rights issue it launched to reduce its leverage after making seven takeovers since September.
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The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.
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The State of North Rhine Westphalia will sell its third sustainability bond on Tuesday, following a pan-European roadshow.
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Harvest Operations Corp said last Friday that it has completed a C$1bn ($763m) refinancing, comprising a new term loan and restructuring of an existing credit facility.
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Hyundai Capital Services opened books for a 144A/Reg S bond on Monday, its first outing this year. Issuers from South Korea have been active in DCM in 2017, but HCS will be the first non-bank financial credit from the country to woo investors.
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Korea National Oil Corp will host a global roadshow next week ahead of a new international bond, to be sold in dollars and/or euros.
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