Bank of America
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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. -
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.
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Sberbank printed $1bn of subordinated debt at a price that three syndicate managers away from the deal called "very aggressive". But after being priced at par, the note was trading at 99.75-100 on Wednesday morning, indicating that the leads were right to push it.
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Caribbean hotel operator Playa Hotel & Resorts tapped its Caa1/B rated bonds well above par on Tuesday, showing that appealing to the US high yield community can outweigh EM investor scepticism for some borrowers.
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ING followed Swedbank into the tier two market on Tuesday, printing a tight €1.5bn 12 year non-call seven deal as tier two debt stole the limelight from senior unsecured for the first time this year.
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Sberbank has released price guidance of 5.625% for a 10 year non call five subordinated deal that bankers away from the deal are calling a “fair” level. But market participants on and off the deal say that the clarification of point of non-viability language has made little difference to the pricing of the bond.
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Peruvian lender Interbank will meet investors this week ahead of a potential senior unsecured bond as LatAm DCM as the market reaches the end of a period of blackout periods for issuers.
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