Bank of America
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Indian telecommunications company Bharti Airtel launched transactions into two currencies on the same day. The issuer opened the books for a ten year dollar issue on Monday morning and a few hours later, it hopped over to the euro market where it opened the books for a seven year offering at the London opening. -
Online retailer JD.com is setting its sights on a $1.7bn Nasdaq listing having started receiving bids for the largest US flotation yet of a Chinese tech firm on May 12. The timing of JD.com’s deal comes hot on the heels of the much publicised IPO application by rival Alibaba, but bankers on the trade have dismissed it as nothing but a coincidence.
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Tokyo Metropolitan Government came back to the market on Monday with a five year issue. The trade has gotten off to a strong start, with books oversubscribed half an hour after opening.
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China’s Tianhe Chemicals Group started talking to investors in regards to a Hong Kong IPO on May 12, which could be worth around $1bn, according to bankers on the trade.
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Bank of America Merrill Lynch has appointed Patrick Porritt as the lender’s new head of Asia Pacific Financing Institutions Group (FIG), according to an internal memo seen by GlobalCapital Asia on May 9.
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State Bank of India has closed its loan at $554.5m, managing to gather enough demand during syndication to increase its borrowing from the launch size of $390m.
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Silicon wafer fabrication firm Inotera Memories raised $418m from a Global Depositary Receipt offering on May 8 tapping the markets at a time when its Taiwan-listed shares are at an all-time high.
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Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication that saw some 40 banks join in.
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Concerns over Brazilian economic growth are apparently not strong enough to prevent issuers from the country making the most of bond investors’ desperate search for yield. First Caixa Econômica Federal and then Fibria Celulose issued tightly-priced, well oversubscribed deals at a larger than originally indicated size this week.
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US bond specialists predicted many things for 2014, but few expected a rally in Treasuries. Yet this week the 10 year Treasury yield fell to 2.55%, making borrowing conditions even more attractive for high grade companies.
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A long-awaited new wave of mergers and acquisitions is set to buoy the struggling European syndicated loan market, senior bankers said this week after the emergence of a jumbo bridge loan to finance Bayer’s $14.2bn acquisition of Merck & Co’s customer care business. Michael Turner reports.
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