Barclays
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Pertamina priced the largest single tranche 30 year dollar bond from an Asian corporate issuer in the earlier hours of Friday morning. Despite not announcing the deal until 2:30pm HKT the day before, books built well and investor appetite for Indonesian credits drove pricing through the issuer’s existing curve. -
Equities and credit indices had a so-so day on Monday, but that did not stop three companies punching out deals in the European market, using three of the formats that have recently been popular.
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Ecopetrol’s corporate finance head expressed delight to GlobalCapital after the oil company timed it right to sell the longest ever bond from a Colombian borrower. Further evidence of the benign conditions for Latin American issuers came with a blow-out for Mexico’s ICA as bankers debated whether the bond market rally is nearing its peak.
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GDF Suez launched its second modern-style hybrid capital issue on Thursday in a successful €2bn transaction that contrasted with the rocky execution of its first issue in July 2013. The deal showed the corporate credit market bouncing back vigorously after five days of weak trading.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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Two Mexican financial institutions are meeting the buy-side ahead of the potential dollar issues as the country’s issuers continue to enjoy optimum issuance conditions thanks to strong bond markets and the reform agenda driving popularity with investors.
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Profit taking has taken a toll on the periphery this week, but even as Italy’s government bonds continued to take a beating on Wednesday and the market for subordinated FIG debt softened, Italian insurer Poste Vita took to the market with a tier two capital transaction at a level that showed investors are still receptive to new deals.
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Danske Bank was the only financial institution to tap the euro senior market this week, issuing a four year floating rate note in an oversubscribed deal.
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Brakes Group, the UK food supplier owned by private equity firm Bain Capital, priced €150m of new bonds and a £257m tap on Wednesday, as it finalised the shift in its debt structure from loans to bonds.
