BNP Paribas
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Reliance Industries has made a quick return to the offshore loan market with a $2.7bn refinancing deal, having picked 17 banks to act as mandated lead arrangers and bookrunners. -
Telecommunications infrastructure giant China Tower found huge demand for its multi-billion-dollar IPO this week as it kicked off bookbuilding in Hong Kong. The deal is a counter-balance to a flood of technology listings in the market this year. Jonathan Breen reports.
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South Korea’s steel company Posco returned to the dollar bond market on Wednesday, breaking a seven year hiatus. It easily locked up a $500m trade after investors lapped up the rare notes.
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Rewables fund Tages Helios has taken out five credit lines totalling €452.5m from a syndicate of banks to refinance a portfolio of solar plants, as Italian names continue to win capital markets support despite some investors' distaste for the political direction of the country.
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Prologis, the US real estate investment trust that owns logistics properties, held a call with investors this morning to explore the sale of a sale of a 10 to 12 year euro senior unsecured benchmark bond.
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A banker has moved from NatWest Markets to work on insurance DCM at BNP Paribas.
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Mainland telecommunications infrastructure giant China Tower hit the road on Monday to start drumming up interest in its HK$68.1bn ($8.7bn) IPO, according to a senior banker on the deal.
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Agile Group Holdings snapped up $400m from a tap on Thursday, with investors’ response sending a strong signal to the high yield market, according to bankers.
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Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.
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The third week of July finally saw the summer lull kick in, with SSA issuance volumes at less than half of what was sold last week. But Bank Nederlandse Gemeenten still managed to snatch up a successful tap, and SSA bankers and issuers reckoned the market still bodes well for new issues.
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Electricity network operator Terna has sold the first investment grade corporate bond from an Italian issuer since the formation of the country’s new government and was rewarded with an order book that was more than 5.5 times subscribed, demonstrating an investor base that is open to Italy risk once more. Nigel Owen reports.
