Bank of America
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Postal Savings Bank of China’s mammoth $8bn-$10bn IPO in Hong Kong is a “once in a decade type deal” and investors already appear willing to pay a premium for a slice of the trade, say bankers. -
Primary bond activity in Asia sprang back to life on Wednesday following a slow start to the week, with high yield issuance leading the way.
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US coatings manufacturer Axalta priced its $875m dual currency offering on Tuesday as it brought this week’s second cross-border bond, at pre-Brexit pricing levels.
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Johnson Control’s automotive business, Adient, on Monday began a roadshow for $2bn-equivalent of high yield notes, with a 17 strong group of bookrunners.
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Ghana is on the road this week for its first standalone bond since 2014. The government will use the new issue to buy back its $500m 2017s as part of its push towards "smart" debt management. In a market where yield is king, bankers expect the deal to go well, despite concerns about the country's widening budget deficit.
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Two Hong Kong issuers hit the dollar debt market on Monday, with CSI Properties launching a new five year bond, while Hong Kong Airlines re-opened its existing notes, driven by reverse enquiry.
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Everbright Securities kicked off pre-deal investor education on Monday for its over $1bn IPO in Hong Kong, with the recent recovery in markets expected to bolster demand for the transaction.
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China’s fifth largest lender Bank of Communications Co has mandated leads for the Hong Kong listing of its investment banking arm BoCom International, which is likely to raise $300m, according to sources familiar with the matter.
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Export-Import Bank of India took the 144A route for the first time as it builds up its track record in the debt market. It was a masterstroke move for the issuer, as it got away with top notch pricing and saw US investors taking more than 60% of the notes.
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The Indian debt capital markets came alive on Thursday with two issuers out the gates as Export-Import Bank of India and Adani Transmission launched their respective 10 year dollar bonds.
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Euros had to play second fiddle to a rampant dollar market this week, but there was still a steady flow of deals at the smaller end of the size scale.
