Bank of America
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Bankers adopted a more tactical strategy for Korea Development Bank’s new 5.5 year, choosing to announce the deal in the Asian afternoon on September 2 in a bid to focus more on US investors. However, demand has not lived up to expectations in the face of competing market supply and tight Korean credit spreads. -
Bangkok Dusit Medical Services Public Company, which in mid-June said it was seeking shareholder approval to issue a convertible bond, has now started investor meetings for the offering.
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Associated British Ports, which owns and operates 21 ports in England, Scotland and Wales, has refinanced the last of its batch of loans signed in 2011 with £400m of new revolving credit facilities.
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361 Degrees International, a Chinese sportswear brand targeting second and third tier cities, is meeting investors for its debut offshore renminbi bond. Tsinlien Group, meanwhile, has mandated banks for its own CNH deal.
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Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season.
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Agence Française de Développement has hired banks to arrange a string of investor meetings in Europe before a potential debut climate bond in euros.
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Bank of America Merrill Lynch built on a strong run in Australian dollars on Wednesday, drawing an oversubscribed order book for a 5.5 year print. The strength of demand for the deal — along with other recent deals from FIG issuers in the currency — suggests that appetite from domestic investors for further deals remains robust.
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The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.
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The supranational and agency issuers that reopened benchmark issuance in dollars this week enjoyed strong demand as investors starved of supply scrambled to put their cash to work.
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Concerns that there would be a dearth of additional tier one (AT1) deals ahead of the European Central Bank’s Asset Quality Review appear to be receding as Santander joins the pipeline, mandating leads for its second euro denominated AT1.
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Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn, as deal mandates start to build up.
