Bank of America
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The $205m loan for Khopoli Investments, a subsidiary of Tata Power, has received commitments from two more banks, according to a banker. -
China’s Rundong Automobile Group is gauging investor sentiment for a potential listing on the Hong Kong Stock Exchange, and if market conditions stay in its favour, books could open as early as next week.
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Trade & Development Bank of Mongolia (TDBM) was forced to pull its dollar bond after announcing guidance on Thursday July 9. While bankers on the deal blamed shockwaves from a bank crisis in Portugal, investors said they were not willing to take on Mongolian risk and that the deal hardly received any orders at all.
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China Gold International Resources Corp pulled in a $7bn order book for its inaugural international bond on Thursday, just before a shock from Portugal sent markets around the world into a state of disarray. Although dealers had tightened pricing by 35bp as investors took to the rare state owned credit, the notes nonetheless rallied in secondary trading the following day, tightening by 17bp.
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Bank of America Merrill Lynch has hired Mayank Saxena as its new head of southeast Asia FIG investment banking, according to an internal memo seen by GlobalCapital Asia.
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Greece braved the furore surrounding Banco Espírito Santo this week to print its second deal since receiving a bailout in 2010. But the trade fell short of some bankers’ expectations — both in volume and maturity — and some worried that the politically driven rigidity of the sovereign’s funding strategy could come back to bite it if there is similar volatility when it next comes to the market, most likely a seven year bond later this year, writes Craig McGlashan.
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Europe’s corporate bond market was knocked sideways on Thursday by a gust of fear about peripheral Europe, after problems deepened at Portugal's Banco Espírito Santo. The market has not shut down, but ACS, the Spanish construction company, pulled a deal and no issuer managed to price tighter than its initial thoughts.
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Turkish Alternatifbank has mandated Bank of America Merrill Lynch and Commerzbank to arrange a Commercial Bank of Qatar-guaranteed dollar bond. CBQ, rated A1/A-/A owns 74.25% of Alternatifbank, which has a long term issuer default rating of BBB from Fitch.
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The sterling market provided the only senior financial supply this week, with Dexia Crédit Local and Credit Suisse selling deals at the short end. A juicy spread over other highly rated paper propelled Dexia’s government guaranteed issue to exceed expectations, while Credit Suisse also drew strong demand for its floater.
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Three issuers launched covered bonds this week with varying results, which suggested that the converging trend between core and peripheral Europe has stalled. Banca Monte dei Paschi di Siena (MPS) struggled to attract anything like the demand seen in its previous covered bond as Portuguese woes outweighed the programme’s rating upgrade into investment grade territory.
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The Trade & Development Bank of Mongolia (TDBM) made a return to international markets on Thursday and while Mongolia’s fundamentals look worrying, bankers still expect the trade to perform well. The sovereign is also expected to make an appearance this year.
