Banks

India’s Varun Beverages has raised Rp9bn ($124.8m) after pricing its qualified institutional placement at the bottom of guidance, according to a source close to the deal.

WuXi AppTec took advantage of an incredible rally in its stock price and its rarity in the equity-linked market to raise $300m from a convertible bond that was a huge hit with investors. Rashmi Kumar reports.

Singapore-listed real estate company City Developments has raised a S$250m ($180m) loan to promote the United Nations’ Sustainable Development Goals (SDGs) through innovation. The company said it is the first deal of its kind.

Chinese local government financing vehicle (LGFV) Zhangzhou Jiulongjiang Group Co reopened the post-summer bond market with a $500m deal, making its debut in dollars.

Tata AutoComp Systems, an Indian company that provides automotive components, has returned to the loan market for a dual-currency deal to refinance its acquisition borrowing from 2017.

Latin American DCM bankers welcomed Tuesday’s blow-out bond issue from Mexico baking company Grupo Bimbo, saying that they believed it would trigger other borrowers to accelerate funding plans.

Lagos-headquartered Africa Finance Corporation (AFC) has debuted in the Samurai loan market, raising a $150m-equivalent loan from a consortium of Japanese lenders. The deal is one of two Samurai loans signed by African borrowers in recent weeks.

ING and RiverRock have struck a deal to give the asset manager access to ING’s pipeline of senior loans, as part of the launch of RiverRock’s debut senior loan fund. The Dutch bank, unlike other commercial banks, committed to avoid cherry-picking its pipeline, and to show RiverRock everything that was eligible for the fund.

JP Morgan has hired Nomura’s Ryan Dawson as a managing director in its leveraged finance origination team, covering sponsors in EMEA and sponsors and corporates in the UK.

Danaher printed its much anticipated €6.25bn jumbo bond issue on Tuesday. The US conglomerate, rated A2/A, focused its five tranches on intermediate to longer tenors, which corporate syndicate bankers took to indicate where many investors want to put their money.

The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.

ING sold a dollar-denominated additional tier one (AT1) this week, adding an influx of supply in the asset class in recent weeks. It will have the option to redeem its new bonds twice a year after the first call date, instead of the usual five years in all of its outstanding bonds.