Bank of America

Japanese brewer Suntory Holdings left a solid footprint in the dollar market with its inaugural issue on Wednesday. With books for the RegS/144A $1bn dual tranche issue already covered during Asia trading hours, dealers proceeded to push final pricing 20bp tighter than where investor feedback came in.

Investors expect retailer Puerto de Liverpool to continue Mexican issuers’ good run in the bond markets after the company indicated initial price thoughts of 150bp-175bp over US Treasuries for a debut 10 year bond.

Brazilian cement company Cimento Tupi is aiming to price an expected add-on of $50m to its existing 2018 notes this week subject to market conditions, according to a banker working on the deal. B/B rated Tupi will wrap up a roadshow in Switzerland on Thursday.

Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions today, when it raised €3bn towards its €3.4bn acquisition of Jazztel, just eight days after announcing the bid. Orange did not use a bridge loan for the deal.

Abengoa, the Spanish renewable energy and engineering firm, plans to sign a €500m-equivalent senior unsecured green bond imminently, as the company seeks to issue debt that reinforces its environmentally-friendly image.

Virgin Media, the UK cable television, broadband and mobile phone company, substantially reduced the cost of its debt on Tuesday, as it priced $500m and £300m of senior unsecured notes.

Japanese brewer Suntory Holdings’ chances of pricing its first dollar bond are looking good with books for a $1bn dual tranche offering already covered by Asian investors on the afternoon of September 24.

Vallourec’s bond issue may have gone well today, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year – but neither managed to tighten pricing from their initial thoughts.

Virgin Media, the UK cable television, broadband and mobile phone company, plans to issue its first senior unsecured bond for two years, with a dual currency deal of £600m.

Pakistan’s equity market had a busy first half, with two deals being priced in June alone. After a summer lull, the country is now back on the radar of equity investors with the government looking to raise a whopping $816m by selling some of its stake in Oil & Gas Development Company (OGDC).

South Korea’s Nonghyup Bank made a solid landing with its return to the dollar market on Monday, September 22. The $300m five year issue received strong support from Asian investors and priced slightly inside of the borrower’s outstanding 2018s.

Malaysia’s RHB Bank is looking to issue its first dollar bond since 2012. The borrower will be meeting investors this week for the proposed senior notes.