Bank of America
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World Bank has reopened the 10 year part of the dollar curve, with other public sector issuers keen to follow it into the tenor. -
Wall Street’s biggest firms wasted no time hitting the dollar market with total loss absorbing capacity (TLAC) related deals after unveiling a strong recovery in third quarter earnings.
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Valmet — Segro — Ecom — Aluminium Bahrain — Morpho
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In a troubled new issue market strewn with casualties, the $1.8bn-plus IPO of ConvaTec, the UK medical supplies maker, got covered at its base size on Tuesday, while Misys, the London-based banking software producer, opened the books for its £650m-£750m IPO with a lower free float than initially planned.
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The World Bank is set to price the largest 10 year dollar benchmark from an SSA since July, as another issuer considered following the supranational into that part of the curve.
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The sterling corporate bond market maintained some, albeit low, momentum as UK coach operator National Express announced the mandate for a seven year issue in the currency on Thursday.
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Valmet, the Finnish technological services company, has refinanced a €200m facility first signed in May 2013. The company swapped two of the original lenders with new banks.
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Dis-Chem Pharmacies, one of the leading South African pharmacy chains, is preparing an IPO on the Johannesburg Stock Exchange to raise funds to expand its operations and reduce its debt.
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Industrial and Commercial Bank of China’s New York branch was forced to scrap a 10 year portion of a dual tranche bond on Monday because of a disagreement with investors over what it should pay. But all was not lost, as the issuer decided to make the most of the demand for the shorter tenor, taking home $1bn in the end, writes Addison Gong.
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China Resources Pharmaceutical Group, Samsung BioLogics and ZTO Express all have investors clamouring to join their IPOs, as they look to raise a combined $5.2bn.
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China Resources Pharmaceutical Group has tightened the price range on its IPO, putting it on track to raise up to HK$14.8bn ($1.9bn), according to a banker on the deal.
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The World Bank will on Thursday attempt to resurrect the 10 year part of the dollar curve, a sector that has had next to no benchmark issuance from top tier issuers in the second half of the year.
