Bank of America

A merger of the coffee businesses of DE Master Blenders and Mondelez International backed by €7.5bn of debt could take up to 12 months to complete, prompting some investors to question whether returns on financing the deal are worth the wait.

The Republic of the Philippines and the Republic of Indonesia are meeting investors in Europe over the next two weeks as the euro market continues to be an attractive source of funding for Asian borrowers.

China City Construction (International) made its debut in international markets on Wednesday. Despite drawing a well subscribed order book for the Rmb2.5bn ($405m) issue, the state owned borrower wanted to leave some money on the table to ensure good secondary performance.

Dairy company Mastellone Hermanos is set to become the second Argentine issuer after oil company YPF to raise new money in international markets this year as it looks to price a $200m seven year non-call four deal on Thursday.

China Construction Bank (Asia) priced its second dollar deal of the year on Tuesday. Wanting to extend its curve in the currency, the borrower was met with a boisterous investor response that drove pricing for the five year issue inside where dealers saw fair value.

China City Construction (International) unveiled its inaugural bond in international markets on Wednesday, offering investors a three year offshore renminbi deal.

Tesco, the UK supermarket group, launched its first bonds since November today, raising €2bn in a successful deal that showed bond investors are not worried by the torrid time the company is having operationally.

Bayer, the German chemicals and pharmaceuticals firm, will issue about €3bn of hybrid capital as early as tomorrow, as part of the financing for its takeover of Merck & Co’s consumer care business.

Snack maker Uni-President China Holdings’ one for five HK$3.38bn ($423m) rights issue was extremely well received by shareholders, with the transaction ending up more than nine times covered.

The Republic of Indonesia will be meeting investors during the next two weeks for what would be its first euro denominated bond. Emboldened by a strong European bid for Asian credits, the sovereign has not been put off by presidential elections scheduled for next month.

China Construction Bank (Asia) is back in the dollar market with its second deal in three months, opening books for a five year bond on Tuesday.

Bank of America Merrill (BAML) launched on June 18 a centralised collections and payments solution for OSI Group, encompassing cash flow, deposits and FX services. The move is an example of how recent reforms are gradually making China-based regional treasury centres a possibility.