BNP Paribas
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High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.
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Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.
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Bankers who have made their name in Asia feature heavily in the new CIB chief’s reshuffle, writes David Rothnie
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Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company. -
Commodity trader Mercuria signed its latest refinancing on November 18, with 28 banks joining during general syndication. Although the loan was oversubscribed by about 60%, Mercuria decided to cap the borrowing at its launch size of $1bn.
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Agricultural products supplier Olam International has mandated 19 banks for a $2.475bn triple tranche refinancing of a $2.22bn bridge loan that it sealed in May.
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Maple Leaf Educational Systems and Q Technology opened books this week for IPOs on the Hong Kong Exchange, with both companies securing cornerstone investors ahead of launch.
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The European Bank for Reconstruction and Development attracted orders of about $1bn to a five year global on Wednesday afternoon, GlobalCapital understands, and priced the deal in line with initial price thoughts. The deal contrasts sharply with a 10 year from the World Bank a day before that was oversubscribed by more than $1bn and was priced at the tight end of guidance.
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Spain could wrap up its funding target for the year at an auction of three and five year debt on Thursday, but while the yield is likely to fall on the shorter bond the longer dated paper’s yield is set to rise. Meanwhile, Cassa Depositi e Prestiti looked set to pass its first syndication test since May after setting pricing on a January 2018 bond at the tight end of initial price thoughts on Wednesday.
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Numericable completed its €4.7bn capital increase this week, bringing to an end the financing for the French cable operator’s acquisition of SFR.
