Bank of America
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Dell, the US personal computer maker, has launched a repricing of $3.6bn of loans to cut margins and bring documentation into line with more bond-like market standards.
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The Republic of Korea has mandated two banks for a credit update with bond investors in London next week. -
The Philippines’ largest bank — BDO Unibank — is in the market to raise $350m in a deal led by half a dozen mandated lead arrangers and bookrunners. The bank is the latest among a string of financial institutions out of the country to go offshore for dollars. Bankers expect more activity of this kind, as Philippine lenders look to fund their fast growing economy.
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Chinese department store operator Golden Eagle International Trading is likely to increase the size of its latest borrowing for a second time to $700m. General syndication, which was launched in early April, coincided with a rating downgrade of parent Golden Eagle Retail Group by Fitch, but an attractive yield amid fewer deals helped see the financing through, said bankers.
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The continuing saga of Kaisa Group Holdings reared its ugly head once again this week when Sunac China Holdings announced it had terminated the acquisition of a stake in the troubled property developer. But that had little impact on the primary pipeline, with two high yield real estate companies raising a combined $600m.
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Tuesday night’s two substantial block trades, in Dutch insurer NN Group and SSP, the UK catering company, both went well despite softness in equity markets before and during the trades.
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Lower rated property developers from China are firmly back on the menu for fixed income investors with Fantasia Holdings Group the latest to try its luck on May 27.
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ING Group launched a €1.18bn sale of shares in NN Group, its former insurance and investment arm, on Tuesday evening, in the larger of two block trades of the day.
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Akbank is set for its second ground breaking loan of 2015, with the bank readying to launch a three year deal on Tuesday.
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Daniel Hahn, an associate at Bank of America Merrill Lynch’s DCM syndicate desk in Asia, has left the bank, according to sources close to the move.
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Singapore’s MMI, which designs and makes high-precision electromechanical components, has started testing investor appetite for its IPO of around $250m. This will be the second time the company has floated on the city state’s exchange.
