Banks
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There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule. -
The International Finance Corporation printed the first offshore Cambodian riel-linked note last week. The bond’s proceeds will go towards the creation of a local capital market in Cambodia and the expansion of local currency lending in the country.
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Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, held investor meetings and calls on Friday as it plots its second-ever international bond deal.
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A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.
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Arabian Centres Company (ACC), the owner and operator of Saudi retail malls, has priced its IPO at the bottom of its original range, winning local support for one of the largest deals from the Kingdom in years.
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HSBC reopened the financial institutions bond market on Friday with the sale of a senior preferred note that pulled in demand of €1.5bn two hours after the trade started.
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The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.
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Shandong-based coal miner Yankuang Group Co was able to price a $500m tap almost 30bp inside where the existing notes were trading on Thursday, while E-House (China) Enterprise Holdings, a real estate services firm, also added $100m to an outstanding bond.
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Belgian brewer Anheuser Busch InBev has taken the first step toward floating its Asia Pacific operations on the Hong Kong Stock Exchange.
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Latin American bond bankers believe primary market activity will pick up next week after a volatile week led some banks to postpone previously scheduled mandate announcements.
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Paraguay tapped bond investors on Thursday to finance its portion of the transcontinental road, raising $732.3m of amortising notes with an average life of 8.9 years and using a zero coupon structure to reflect project payment flows.
