Bank of America
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Monday was a soft day for equities and credit spreads, but BP had little if any hesitation in launching its second large euro bond of the year. The UK oil company’s deal was the eighth big dual tranche deal in euros since BMW set the fashion on August 26.
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Abengoa, the Spanish renewable energy and engineering firm, announced a roadshow on Monday for a green bond – the first in euros for a high yield issuer.
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Japan’s Suntory Holdings has mandated six banks for what would be the company’s inaugural dollar deal. The brewer and distiller is looking to make a dual tranche dollar issue. -
Korea’s Nonghyup Bank returned to the dollar market on Monday, opening books for a Reg S/144A five year issue. The target size of the bond is believed to be $500m.
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Reliance Industries’ telecom arm Reliance Jio Infocomm launched its $1.5bn dual facility refinancing loan into general syndication on Friday, after cementing a mandated lead arranger and bookrunner group with 15 banks.
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Retailer Puerto de Liverpool has mandated Bank of America Merrill Lynch and Citi for investor meetings ahead of a debut cross-border bond transaction, according to a DCM banker close to the company.
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Mizuho Bank returned to the dollar market on Thursday, printing its second multi tranche issue of the year. The Japanese bank raised $2.5bn through a Reg S/144A offering that consisted of the same four bonds it sold in a blowout April 9 deal.
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Oil rig maker Honghua Group made its inaugural issue in international markets on Thursday. Having opted for the Reg S /144A format to tap into the US investor base, the Chinese company pulled in an impressive $1.4bn order book for the $200m five year non call paper.
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Financial issuers in Latin America continue to attract bumper order books as Chile’s CorpBanca and Peru’s BBVA Continental printed bonds amid uncertain sentiment in credit markets to follow up on BTG Pactual’s blow-out tier one last week.
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While Panamá showed that liquidity is there for the right names in Latin American bond markets this week, for the second week in a row a Colombian oil company had to pay up for its bonds as interest rate uncertainty in the US hits credit markets.
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A trio of SSA borrowers squeezed into a narrow window of issuance this week to enjoy exceptionally strong conditions in dollars. Origination bankers will be beating at the doors of any funding officials that still have work to do this year to persuade them to mandate for next week and take advantage.
