Bank of America
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US Treasuries rallied even further this week, leaving many market participants scratching their heads – but corporate borrowers did not waste the opportunity. -
US asset management firm Waddell & Reed raised HK$10.7bn ($1.4bn) on May 27 by selling its entire stake in Sands China in what was the largest Asian block trade outside of China and Japan this year.
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French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.
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AS Watson, the retail and manufacturing arm of Hong Kong conglomerate Hutchison Whampoa, signed its HK$15bn ($1.93bn) loan on May 22 with a total of 22 banks, with lenders putting in their commitments in either Hong Kong dollars or euros.
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Vitol’s self-arranged $2.05bn loan to fund the acquisition of Royal Dutch Shell’s Australian business has wrapped up with commitments from 18 lenders.
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Nan Fung International Holdings printed its first bond in the dollar market since September 2012 on Thursday. A small deal size and agile timing drove pricing for the investment grade Hong Kong developer’s 10 year issue deep inside its existing curve.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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Two Mexican financial institutions are meeting the buy-side ahead of the potential dollar issues as the country’s issuers continue to enjoy optimum issuance conditions thanks to strong bond markets and the reform agenda driving popularity with investors.
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Leveraged loans bankers have welcomed a €7.5bn loan to finance DE Master Blenders’ merger with the coffee business of Mondelez International. But big deals alone don’t make the market, and lenders are growing increasingly concerned about the lack of deal flow among mid-market borrowers.
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Saga, the UK provider of holidays and other services for the over 50s, will use proceeds from its IPO on Thursday to pay off £550m of loans signed in April.
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Hong Kong property developer Nan Fung International Holdings made a return to the dollar market on Thursday with a ten year bond. The investment grade issue has been met with strong demand, with the orderbook at over $2.5bn when bankers announced final guidance.
