Bank of America

Investors who missed out in the scramble for allocations on the heavily oversubscribed high yield bond issue from Obrascon Huarte Lain last week could shortly be given a second chance to buy into the Spanish infrastructure sector, with the announcement of a roadshow for Grupo Isolux Corsan.

Bankers said the Mexican high yield market had overcome last year’s homebuilders crisis and was open to new deals after BB rated financial Credito Real’s latest bond performed well in the secondary market. Moreover, a fraud investigation into oil services company Oceanografia is unlikely to have a broader effect on the Mexican high yield market.

Shinhan Bank is to commence a series of investor meetings on Thursday. Bankers say that a 144A/Reg S transaction may follow.

Chinese theme park operator and developer Haichang Holdings priced its $316m IPO in the middle of the indicative range, amid volatile markets and highly price sensitive investor demand.

Paul Richards, co-head of EMEA corporate banking and DCM at Bank of America Merrill Lynch, is planning to retire from the industry after 28 years at the firm.

State Bank of India has decided to increase the size of its loan to $420m from the original $300m, after 14 banks jumped on the transaction. But with a general launch still planned, it is likely to increase even further.

Banco Santander Chile sold the first Kangaroo bond from a Latin American financial on Thursday, but bankers away from the trade were disappointed with the small deal size. They said the short maturity limited investor interest, though another source argued that the deal did attract a diverse order book.

Piraeus Bank is set to become the first Greek financial institution to print a bond since the country’s bail-out in 2010, and the stage is set for a big success after fellow periphery Banco Popolare built one of the biggest books for a senior unsecured deal in recent memory this week.

Avis Budget took advantage of strong high yield demand on Thursday to make a rapid tap of its March 2021 bonds to refinance shorter dollar debt.

Obrascón Huarte Lain, the Spanish construction and concessions group, pounced on a super-tight high yield market on Wednesday to issue a €300m bond, and found demand so strong that it was able to increase it to €400m. The final book was around €3.2bn.

Mexican financial Crédito Real attracted a bumper book for only the second LatAm dollar issue since January 31 on Thursday afternoon though more supply is needed to quench the market’s thirst for paper, according to traders.

Relations between the US and Russia reached their worst pitch of tension for 25 years this week – yet for the corporate bond market, blue sky stretched to the horizon.