Bank of America
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Pohjola Bank was set to print a familiar Scandinavian seven year in senior unsecured on Monday, but made its trade stand out with the addition of a much rarer floating rate note.
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The list of Chinese firms eyeing up an US IPO has just gotten longer thanks to mobile game developer Chukong Tech, which is planning to raise $150m in the second half of the year, according to a banker close to the deal.
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China Properties Group’s dollar bond had still not materialised by Thursday afternoon, despite announcing price guidance on Wednesday morning. The borrower’s fundraising plans have faced a number of setbacks, as earlier this week it had told investors it was issuing an offshore renminbi bond.
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Corporate bond issuance is set to get busier again in Europe next week, bankers say, with a drive-by deal also possible on Friday.
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Sberbank printed $1bn of subordinated debt on Tuesday at a price that three syndicate managers away from the deal said was very aggressive. After being priced at par, the note was trading at 99.75-100 on Wednesday morning, initially indicating that the leads were right to push it, but it had sunk as low as 98.875 on Thursday afternoon, fuelling thoughts that pricing was too tight for the deal size.
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Demand for dollar deals from a pair of German issuers surpassed expectations this week, as Erste Abwicklungsanstalt followed a heavily oversubscribed print from KfW with its debut benchmark in the currency — and had to increase the size in the face of strong demand.
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More investors are deciding the risk of default is not worth the astonishing yields available on Venezuelan debt as bond prices hit new lows amid anti-government protests in the South American nation.
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The US investment grade corporate bond market sprang back to life this week as four big issuers hit the market in quick succession on Thursday, after multi-billion dollar deals from Novartis and Comcast earlier in the week.
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Issuance of European subordinated FIG debt hit its highest year-to-date level since 2007 this week, as tier two debt wrested the limelight back from senior unsecured with a small but solid deal from Swedbank and a €5bn book for ING.
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Gulf Marine Services, the Abu Dhabi offshore service vessel operator, hopes to tap into investors’ interest in its potential for growth to raise $100m of primary proceeds through a London IPO.
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Corporate bond issuance is set to get busier again in Europe next week, bankers say, with a drive-by deal also possible on Friday.
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Equity-linked bankers hoping for 2014’s wave of large, high quality deals to begin may have to wait a little longer, after reports on Wednesday that Telefónica's proposed €8.6bn acquisition of KPN’s German business may be delayed.