Bank of America
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Another blowout deal from an Indian credit took place this week as State Bank of India’s return to the dollar market saw orderbooks six times oversubscribed for the dual tranche offering. Proving India’s outlook is still on the up, the issuer printed well inside its existing curve. -
Korea Resources Corporation will be meeting with investors for a potential dollar issue as the fundraising season kicks off again for industrial names.
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A quiet first quarter of FIG issuance from Latin America has drawn the region’s banks into a bond market that has delivered tightly priced bonds, said bankers. Santander Chile and Brazil’s BNDES benefited this week, with BNDES’s deal of particular encouragement to other Brazilian bank issuers, according to DCM bankers in the country.
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Greece vanquished fears that its return to the capital markets on Thursday could be a Trojan horse full of fast money, with a deal that attracted a majority of real money investors and more than 90% international participation. Around 600 accounts filled an over €20bn book in just one hour, causing one lead manager to declare the deal a “gold rush”.
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Six bank and finance names raised $14.5bn in the space of three days, boasting bulging order books and minimal new issue concessions as investors scrambled for extra yield.
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While the focus in euros this week may have been on Greece’s blowout return to the capital markets, two other issuers were able to sell successful trades of their own. The European Financial Stability Facility and Unédic breezed through seven year trades, though syndicate bankers worry that a quiet patch lies ahead with few agencies keen to issue.
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In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.
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The International Finance Corporation completed its $1bn offshore Indian rupee-linked bond programme on Thursday, pricing a seven year bond. Bankers expect the successful completion of the IFC’s programme to widen the range of investors involved in offshore rupee deals, while the issuer is already laying the ground for further deals.
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Beijing-based iKang Healthcare Group priced its $153m Nasdaq listing at the top of the range this week, as investors jumped at the chance to gain exposure to one of the fastest growing industries in China.
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Korea Eximbank (Kexim) returned to the Kangaroo market on Wednesday, selling its second ever deal in the format. Investors reacted positively to the deal, allowing the leads to price comfortably inside of initial guidance with a healthy oversubscription.
