Bank of America

SBI Cards and Payments Services has finalised the price range for its IPO, which is set to be worth up to Rp103.5bn ($1.44bn) when it is launched next week.

With most high yield companies still preparing annual numbers, the primary bond market saw only two US-based issuers choosing to print unsecured deals this week. The deals were in popular industries and intended to refinance existing debt, but with the strong market backdrop one issuer opted to boost the size of its issue.

US bond market tourists poured into high grade euros this week, where tiny concessions and a cheap overall cost of funding saw a string of successful trades.

Avenue Supermarts’ founder Radhakishan Damani and members of his family offloaded a portion of their shares in the company this week, raising more than Rp34.3bn ($478.1m). The deal came just days after the company issued a chunk of primary stock.

India’s equity capital markets have had a strong start to the year, pumping out a steady flow of large IPOs and secondary share offerings on the back of a big uptick in foreign investment. The country’s ECM pipeline is offering banks relief amid a slowdown in Hong Kong. Jonathan Breen reports.

After a pause last week, the primary high yield bond market in euros has bounced back with two new mandates on Wednesday, unsecured deals for US firms Catalent and Silgan. Both deals are in popular industries and refinance existing debt, with leveraged finance bankers telling clients there’s no time to print like the present.

US companies piled into the euro bond market on Tuesday, as white goods maker Whirlpool, Dow Chemical and apparel company VF Corp launched medium to long maturity debt.

SBI Cards and Payment Services is preparing to launch its IPO of up to Rp95bn ($1.3bn) in the first week of March after getting the go ahead from the market regulator, according to a source close to the deal.

Avenue Supermarts' founder Radhakishan Damani and his family members are looking to raise Rp30.3bn ($424.7m) from a secondary share sale, following an issue of new stock by the company last week.

British Telecommunications joined the red hot hybrid capital market on Tuesday, tightening the yield on its new bond by around 60bp during execution as investors clamoured for returns.

India’s Avenue Supermarts has raised Rp40.98bn ($575.2m) after sealing its qualified institutional placement above the floor price.

Akelius Residential Property, the Swedish property company, ratcheted in the yield on its hybrid capital issue by 50bp on Monday, setting the stage for a romping week of similar issuance as further names line up deals.