BNP Paribas
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KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon. -
Swiss franc investors snapped up a long dated Quebec issue on Tuesday, following a shift in demand toward 10 year paper.
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China’s Tewoo Group is gearing up for its first foray into the debt market, mandating three banks to arrange a series of investor meetings that started on October 22.
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IDBI Bank priced a five year dollar bond on Monday. While choppy markets saw the issuer pay some new issue premium, the borrower managed to take advantage of a lower rate window to price just wide of its curve.
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The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve.
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KfW is set to bring a three year dollar benchmark on Tuesday, in what bankers say could be a tight window for issuance in the currency. At least two other borrowers are thought to be looking at dollar deals this week, but may wait for KfW to test the water first.
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Hebei opens books for offshore debut China’s second largest steel maker, Hebei Iron & Steel Group, is looking to tap the offshore debt market for the first time, opening books to a credit enhanced dollar bond on October 20.
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IDBI Bank opened guidance on a senior dollar bullet on Monday after pricing its debut Basel III compliant additional tier one additional tier one (AT1) security in the domestic market last week. The bank began sounding out investors about a Basel III dollar bond in July, but decided not to go ahead.
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UK car breakdown recovery firm RAC set out price guidance on its £1.25bn loan at a London bank meeting on Thursday.
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UK car breakdown recovery firm RAC marketed its £1.25bn recapitalisation and refinancing loan to lenders on Thursday, signalling that the leveraged loan market is battered but still functioning.
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A pair of dollar deals in the sovereign, supranational and agency sector failed to cross the line this week, coming on a day when turbulent US Treasury markets made book building tough. Issuers lining up deals for next week may have to be prepared to pay more of a new issue premium because of this week’s tricky conditions.
