Citi
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UniCredit jumped into the euro market to raise senior funding at a pricing level it found much more familiar than recent elevated levels this week, while BPER Banca gave investors their first chance in several months to buy a new issue from a second tier Italian bank. -
Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.
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Jiangxiaobai is planning to list in Hong Kong this year, according to a source close to the deal.
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China Mengniu Dairy Co hit the debt market straight after a profit warning, but still managed to attract investors to its $800m dual-tranche bond, tightening pricing on both portions by 80bp.
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International Container Terminal Services (ICTSI) raised $400m in the international bond market on Wednesday despite the Covid-19 pandemic challenging the Philippine issuer’s transaction.
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Nationwide Building Society was able to tighten pricing by 50bp on the sale of an additional tier one bond on Wednesday, landing at a 5.75% coupon. The new issue will increase the bank’s leverage ratio, which went down last year amid a net redemption of tier one debt.
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BPER Banca opened books for its inaugural sale of senior debt on Wednesday, giving investors their first chance to buy into a new issue from a second tier Italian bank during the Covid-19 pandemic.
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The Republic of Albania won a €3bn book for its bond market return on Tuesday, whittling down pricing to a yield of 3.625% for its seven-year deal.
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UPL Corp broke a month-long absence of Indian issuers in the international debt market, raising $500m from investors.
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Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.
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SK Biopharmaceuticals has begun bookbuilding for its up to W959.3bn ($804.9m) IPO. It is set to be South Korea’s first listing in 2020.
