Bank of America
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Insurance company FWD opened books for its debut international bond on Wednesday, September 17. The Hong Kong-based borrower is selling a ten year Reg S dollar issue. -
Chile’s fourth largest bank, CorpBanca defied another difficult day in markets to attract hefty demand for its latest bond issue, allowing it to raise more than initially planned. CorpBanca’s existing bonds trading off during the two day sale process, but bankers on the deal said they were happy with pricing.
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LVMH Moët Hennessy Louis Vuitton has a cachet in the bond market, as in its own field of luxury goods. An A+ rating is rare, and LVMH is an infrequent borrower. It can also rely on the enthusiastic support of French investors.
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Nordea is set to sell its debut additional tier one print on Tuesday afternoon, just the second deal in the format to carry a pair of investment grade ratings. While some bankers away from the trade have suggested the deal came with overly generous initial price thoughts, the level is expected to tighten on Tuesday afternoon.
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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 deal size at $300m was a drawcard for investors.
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Three deals announced first thing Monday and priced later in the day demonstrated that the LatAm bond market was well into its September swing. But another hefty premium paid by a Colombian oil operator showed that investors are discriminating between credits, said bankers.
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Chilean lender CorpBanca will look to become the latest financial issuer from Latin America to notch a bond market success on Tuesday after Peru’s BBVA Continental priced its first ever international tier two bond.
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WPP, the UK advertising group, launched its first bond of the year on Monday, hitting the market without warning and raising €750m. The strong reception to the deal suggested investors were not worried about buying into a company in a cyclical industry, despite Europe’s economic weakness, nor into a UK name, in the week that Scotland may vote to break up the union.
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Korea Western Power (Kowepo) opened books for a five year dollar bond that is capped at $300m on Monday morning. The Reg S issue is getting good traction, with the order book standing at $750m by early afternoon.
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ICICI Bank took the market by storm on September 11 by pricing a $500m 5.5 year deal with a coupon of just 2.5% – the lowest ever achieved by an Indian lender.
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