Banks

Gas asset and infrastructure investment consortium Quadgas made its debut in the sterling corporate bond market on Monday with a £350m 11 year offering. The company had previously raised funds from the US private placement market, but this was its first benchmark public deal.

Swiss flavours and fragrance manufacturer Givaudan is a regular user of the Swiss franc corporate bond market, but sold its first euro deal this week to help refinance the funding of its €1.25bn acquisition of French natural ingredients supplier Naturex.

The UK’s RPC Group is in talks with two private equity firms for a potential sale, with the plastics packaging company’s pre-acquisition leverage well below covenant breaching levels.

Investors were queuing up to buy Bankia’s latest additional tier one transaction on Monday, as the Spanish bank reopened the subordinated bond market for Southern European borrowers.

DP World hit screens on Monday to announce a tender offer of a 2019 Sukuk note and the sale of a new 10 year dollar benchmark.

French electrical utility Engie found success with a benchmark dual tranche issue of corporate bonds on its third visit to the euro bond market in 2018. The company opted for no-grows with both tranches, which served to increase demand markedly compared with its previous deal.

The National Bank of Oman has launched a tender offer to buy back half of a 2019 dollar benchmark as well as announcing a roadshow for a new five year deal.

South Africa’s Democratic Alliance (DA) has sent a freedom of information (FOI) request for full terms of a $2.5bn-equivalent loan from China to utility Eskom, with the official opposition party fearing a potential loss of ownership of the company to its Asian creditors.

Weak emerging market investor sentiment is dragging on Indonesian high yield bonds, with market watchers blaming the dive on a spill-over effect from other emerging markets. But there are still some silver linings for the island nation.

Hua Medicine, the third biotechnology firm to list in Hong Kong, got across the finish line with an undersubscribed retail book, even though several blue-chip funds threw their weight behind the deal.

Issuers and debt bankers in Asia have their eyes fixed on the coming week for primary deal flow to gather momentum, following a relatively slow pace of issuance at the start of September.

Studio City International Holdings, the Macau-based casino resort, has filed publicly for an IPO in the US with an indicative size of $115m.