Bank of America
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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. -
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.
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FGA Capital, the car finance arm of Fiat, returned to the bond market on Monday for its third bond of the year.
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Institutional investors piled into Nordea’s debut additional tier one issue this week, taking the lion’s share of the order book. The bank’s high capital ratios, distance to trigger and solid reputation drew in a multiple times oversubscription, despite the leads bringing in pricing to the tightest level seen yet on an AT1 deal.
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A burst of M&A announcements early this week from Danish national phone carrier TDC, auto parts maker ZF Friedrichshafen in Germany and French telecoms firm Orange lifted the mood in the western European loans market. But Orange's financing plans, which include hybrid bonds, show that deals may not always lead to loan mandates.
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UK equipment hire company Speedy Hire has signed a £180m asset-backed revolving credit facility, to replace a £220m facility signed three years ago and due to mature in August 2015. The margins and fees on the facility have been reduced across the board.
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China’s Honghua Group opened books for its debut international bond on Thursday. The oil rig maker is offering a five year non call three dollar bond.
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Korea Western Power (Kowepo) made a solid return to the dollar market on Monday, pricing a five year bond that was nearly four times subscribed. Despite a soft start to the week, the quality of the credit and the strategy of capping the deal size at $300m proved a draw for investors.
