Bank of America

State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong.

Russia’s EuroChem will sign a five year loan imminently. The refinancing sees the fertiliser producer aiming for tighter margins than its last post-sanctions loan, said two bankers close to the deal.

Winsconsin’s Spectrum Brands, the consumer products conglomerate ended a two day roadshow on Wednesday with the sale of euro notes that will repay dollar bonds, an uncommon transaction in the euro market.

Peru's finance minister, Alfredo Thorne, will be among the representatives as the country carries out a week-long roadshow starting on Monday ahead of a planned sol-denominated bond issue.

The African Development Bank has printed a $1bn no-grow to, it is thought, cap off the week's flurry SSA dollar bonds before primary markets dry up ahead of the US rates decision next week.

Bayer, the German life sciences company, has clinched an agreement with the board of Monsanto to buy the US company for an enterprise value of $66bn, to be financed with one of the largest rights issues in history.

National Grid Gas followed its £3bn Tuesday visit to the sterling market with a €750m eight year bond that completes its primary bond market financing ahead of its 2017 sale.

On Wednesday, Bayer said that five banks have agreed to provide the hefty bridge loan for its $66bn acquisition of US agrochemicals specialist, Monsanto. But the $57bn deal is not yet being syndicated, according to one of Bayer’s relationship banks.

US coatings maker Axalta on Tuesday sold a €450m bond to redeem its 2021 euro notes, a month after it redeemed its 2021 dollars, cutting its coupon by 200bp.

A jumbo bond intended to refinance the debt of merged companies Quintiles and IMS on Wednesday added to a deluge of high yield issuance, with the market seeing €4bn of new bonds by Thursday.

State Bank of India launched the first-ever offshore Basel III compliant additional tier one (AT1) bank capital offering from an Indian name on Wednesday, a deal market participants expect to set the pricing benchmark for future Indian lenders from this asset class.

China’s Industrial Bank took advantage of a quiet primary market on Tuesday, bagging $1bn from a dual trancher. Given the softer tone this week, the issuer went out with realistic expectations on pricing, which was key to the transaction’s success, according to bankers.