Bank of America
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China’s Haichang Holdings started receiving bids for its HK$2.68bn ($346m) Hong Kong IPO on February 28 as investors get the opportunity to invest in what is potentially the first Asian theme park to be listed. -
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Solidium, the Finnish state investment fund, raised €800m through a combined ABB and exchangeable bond on Tuesday, allowing it to monetise some of its holding in financial group Sampo and reviving the structure after a run of similar deals in early 2012.
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Pohjola Bank assumed the sole responsibility for euro senior unsecured supply this week as FIG syndicates had their first glimpse this year of an increasingly frustrating trend — banks turning down excellent issuance conditions because of reduced funding needs.
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Two bankers have left Bank of America Merrill Lynch’s leveraged finance team in New York to join rival banks. Neither has yet been replaced.
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Nationwide Building Society has thrown its hat into the ring for selling additional tier one debt, mandating lead arrangers to gauge interest in what would be the first such deal to be denominated in sterling and the first AT1 paper to be sold by a non-bank institution.
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UK insurer RSA, which took on Stephen Hester as its chief executive earlier in the month, announced a £775m rights issue on Thursday as part of a plan to fix its weak performance and capital position.
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Strong levels of demand on offer for supranational and agency paper in dollars this week, as investors have grown comfortable with US Treasury yields in the belly of the curve, will hearten the several issuers that are looking at bringing benchmarks in the currency in the coming weeks.
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Russian borrowers undaunted by unrest in Ukraine are pushing on with issuance plans and largely being rewarded for their resolve. Gazprombank sold a four times subscribed transaction despite concerns about its Ukrainian exposure while Russian Railways printed a nine year euro bond only hours after Russian fighter jets were placed on high alert.
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Goldman Sachs exploited a stable background in the investment grade market to print its biggest fixed rate deal of the year.
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The dam opened again in the US corporate bond market this week and a torrent of issues poured out, as companies emerged from earnings blackouts and turned the week into the busiest for corporate high grade issuance so far this year.
