Bank of America
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A falling euro/dollar basis swap has made dollar issuance for euro funding borrowers more attractive — but with a crucial US rate decision looming only a brave or foolish issuer would take the opportunity.
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A flood of banks in the Middle East are set to follow the two Abu Dhabi names which are making a dash for cash in the loans market to meet new regulations as they grapple with low oil prices, writes Elly Whittaker. -
Chilean government-owned copper miner Codelco raised $2bn of 10 year notes on Wednesday in a deal that provoked debate about the size of the new issue premium but was unanimously considered a positive for the LatAm market.
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Korea Development Bank (KDB) staged a successful return to the international debt market on September 9, selling an SEC registered 10 year trade. The policy bank’s success is expected to encourage more Korean names to follow suit, but bankers are not necessarily expecting a rush of issuance.
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A pair of supranationals have unveiled plans to bring bonds with an environmental flavour. One issuer may delight European Central Bank officials with a super rare appearance in euros.
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A pair of Asian agencies have tackled the long end in dollars, but despite attracting big order books and setting spreads at the tight end of guidance, bankers stressed the deals should not be taken as a sign that the dollar market is back to full strength.
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Russian fertiliser producer Eurochem signed a $750m pre-export credit facility, it was revealed on Wednesday, having been in talks with banks since the end of last year.
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The Indian equity capital market has record its first large trade following the summer slowdown, with Indiabulls Housing Finance executing a qualified institutional placement (QIP) on Wednesday. While the share sale is only scheduled to officially close at the end of the week, the outcome is already a foregone conclusion with pricing fixed, books anchored and a $100m increase option taken up by the company to raise $600m.
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Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.
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Indiabulls Housing Finance is out with the first large follow-on offering of the post-summer season, with the mortgage lender launching a Rp33.30bn ($500m) deal on Wednesday.
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Abu Dhabi's First Gulf Bank has agreed a loan at a margin 60bp tighter than its last deal, as it raises $1bn to meet the liquidity requirement of the United Arab Emirates central bank.
