Bank of America
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Three debut Latin American borrowers are lining up bonds as investors show their thirst for paper.
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The European corporate bond market had already seen plenty of fireworks by Wednesday but there was no let-up on Thursday. -
Volkswagen Financial Services jumped into the euro bond market on Tuesday for a big deal, raising €1.5bn in a sale that demonstrated its pragmatic approach to pricing and the stability of demand for Volkswagen’s paper.
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Beijing based iKang Healthcare Group opened books for its $153m Nasdaq listing on Wednesday, offering investors exposure to one of the fastest growing industries in China.
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Bank of America Merrill Lynch is expected to miss out on one of the key leveraged finance deals of this year, the €11.75bn debt package backing Numericable’s bid for French mobile phone operator SFR, although three of its biggest rivals are all involved.
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Kommuninvest and Nordic Investment Bank are considered likely candidates to kickstart the dollar market next week after a quiet patch. Export Development Canada was the only issuer to sell a dollar benchmark this week, pricing a three year deal on Wednesday.
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Bank of America Merrill Lynch came up with the perfect riposte following a week of regulatory scrutiny as it printed the biggest deal of the year from a financial borrower.
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Banco Santander Totta this week returned to the covered bond market after a four year absence, choosing a three year maturity and a spread that ensured it was an easy choice for risk-averse and yield-hungry investors alike. The €1bn deal is likely to replace central bank funding.
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Kimberly-Clark de Mexico is to roadshow in the US and Europe for a 144A/RegS dollar bond, which would be its first international benchmark issue.
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Singapore’s sovereign investment arm, Temasek Holdings, has bought a 24.95% stake in AS Watson Holdings, the retail division of Hutchinson Whampoa, for HK$44bn ($5.7bn), pushing plans for a Hong Kong IPO off the table.
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Noble Group, a supplier of agricultural and energy products, metals and minerals, hit the market on March 24 with a $1.35bn 364-day revolving loan facility, led by an 18-member arranging group.
