Barclays
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The pipeline of Indian loans is building up, with Housing Development Finance Corp and Kotak Mahindra Bank seeking new fundraisings. -
The margins paid by Michigan utility CMS Energy on two revolving credit facilities totalling $1.4bn will, for the first time, be linked to its sustainability goals, as a result of amendments signed on June 5.
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Several issuers took new deals on the road in the second half of May and early June, but have struggled to find a window to execute their deals after the roadshows were completed. Recruitment firm Manpower met investors from June 6 to June 8 before selling its deal on Tuesday.
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SSA borrowers are streaming into the euro market, flooding the early part of the week with deals in an effort to secure funding before a slew of central bank meetings towards the end of the week.
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Dutch data centre operator Interxion sold a €1bn bond deal this week, the largest fixed rate junk bond of 2018 so far, as the European high yield primary market starts to warm up after a quiet couple of weeks.
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KfW opened the door for dollar issuers after a quiet few weeks in the currency, although the issuer — and SFIL, which followed it — had to navigate some price discovery after last week’s Italy-led volatility.
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Corporate bond issuers enjoyed tighter spreads and strong order books amid an improvement in issuance conditions as they jumped back into the dollar market this week.
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SFIL followed KfW into a reopened dollar market this week with only its second ever dollar benchmark, while engaging in a bit of price discovery that leads said was “spot on”.
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Puxin and VCredit Holdings, both of which launched IPOs earlier this week, were covered on their first day of bookbuilding.
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KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.
