Barclays
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Hong Kong’s eSun Holdings printed its inaugural offshore renminbi bond on Tuesday with an unrated Rmb650m ($105m) four year issue that marked the first high yield trade in the CNH market this month. -
Credit Suisse and ING both hit the senior market with new issues on Tuesday drawing hefty order books for euro deals. While Credit Suisse offered a juicy premium to guarantee success, ING was able to gather almost as many orders at what bankers away from the deal saw as a tight level.
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Coventry Building Society, which on Monday began a roadshow for a sterling denominated additional tier one, is set to become the first issuer of AT1 bonds that will convert to an equity-like instrument that have not yet been issued.
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Suez Environnement found very strong demand for a €500m hybrid capital issue today, as it became the first of the crop of companies that issued hybrids in 2010 to begin refinancing them.
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Home equipment retailer But is offering €170m of senior secured bonds to repay debt and finance a reduction of the share capital of its parent guarantor Décomeubles Partners.
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Alstom Auxiliary Components is raising the margin on the second lien tranche of its €630m-equivalent facility after repricing its first lien to pay 50bp more than the top end of its price guidance.
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Barclays is set to issue £2.27bn equivalent of CRD IV-compliant additional tier one securities after completing its offer to exchange old style tier one bonds on Friday, bringing the bank’s total outstanding volume of new style AT1 to more than half its £7bn target.
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Kenya has released initial price thoughts of low 6% yield area for a five year benchmark bond and low 7% for a 10 year. But terrorism this year in the country, the most recent bout in hotels in coastal Mpeketoni on Sunday night, is likely to impact tourism which accounted for around 12% of the country’s GDP in 2013, and investors are already cautious around the country's large current account deficit.
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China Hongqiao Group is looking to make its international bond debut with a proposed Reg S dollar issue.
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We are sad to report the death of Peter Fleming after a short illness. He leaves behind a loving wife and a family of which he was very proud.
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