Bank of America
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Jaguar Land Rover, the UK car manufacturer owned by India’s Tata Group, has launched a $500m intraday bond issue on Tuesday.
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Korea Expressway pulled its dollar bond before the US open on Monday night after the issuer realised it was not going to achieve its target price. Bankers are frustrated and say that a decent trade could have been done at a higher yield, but the issuer was not willing to pay up. -
Hong Kong giant Hutchison Whampoa is tapping the offshore market only for the first time this year and is looking to issue in both US dollars as well as euro via two separate deals.
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The Islamic Republic of Pakistan’s $816m divestment of some of its stake in Oil & Gas Development Company (OGDCL) is now on track for early November, after a local court order that halted the sale was dismissed by the Supreme Court.
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Korea Expressway Corporation, China Travel Service (CTS) and Tewoo Group are all out in the market with new dollar bonds. The Korean government related issuer (GRI) was last seen in April this year and adds to a relatively busy month for Korean issuers. CTS, on the other hand, has not been in the market since 1996.
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Government-owned Chilean oil company Empresa Nacional de Petróleo (Enap) could make it four new issues in four business days for Chilean corporates on Monday after E-CL ensured LatAm bond markets ended the week on a high with its long-awaited new issue on Friday.
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Chinese broker Citic Securities Company tapped the offshore market with a dollar bond on October 23 that was drawn from a $3bn MTN programme. Even though it coincided with a slew of other transactions, the issuer still managed to get a good result, pricing through its closest comparable.
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Internationally syndicated Turkish corporate loans are rare, but this week has seen three push deals forward. Cake maker Ulker launched its loan into syndication on Monday, Turk Telekom subsidiary Avea completed a club loan and Yildiz dairy subsidiary Ak Gida is in the final stages of syndicating an Islamic loan.
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US pharmacy chain Walgreens is set to launch a three day roadshow on Wednesday October 29 for a potential debut bond in euros, sterling, or both.
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More borrowers could follow a ground breaking deal from the European Stability Mechanism this week — a two year deal that is understood to be the first ever 0% coupon on a benchmark from a supranational or agency borrower.
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Dai-ichi Life is the latest Asian insurance company to tap the dollar market and has opened guidance on a new perpetual bond. It follows hard on the heels of Korean Re, which priced its debut bond on October 14.
