Citi
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Citi has hired Anders Fogh Rasmussen, a former prime minister of Denmark, as a senior adviser with its EMEA investment banking business. -
London-listed UAE payments company Network International has refinanced an existing loan, raising $525m from regional and international lenders.
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Hong Kong's AIA Group and China's Baidu reopened the Asian bond market this week, proving that investors are still willing to commit to the right credits ─ as long as they come at the right price. Morgan Davis reports.
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KfW made an impressive statement by taking out size with a small new issue premium for a three year euro deal on Wednesday. Bankers say the deal is a sign of concessions reaching a floor following the huge premiums offered since the return of SSAs to the primary market.
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The power of central bank buying and fund redemptions are evident this week in the European investment grade corporate bond market, where issuers have been squeezed into a narrow range of maturities as they search for cash.
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Extraordinary times call for extraordinary capital markets activity. The North American corporate bond market funded a staggering record $194bn of investment grade issues in March while Europe has also been busy — shaking up the league tables and yielding a surprise windfall for the very largest investment banks.
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Spain’s Red Eléctrica Corporación has hired banks to run a series of fixed income investor calls for a debut five year senior unsecured deal, in the first European corporate roadshow since stringent social distancing measures were implemented across the continent.
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Hong Kong's AIA Group has reopened Asia’s bond market for other quality credits by selling a $1bn deal that offered a generous new issue premium to attract investors.
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The euro market for SSAs has returned to life in impressive style, but borrowers outside the ECB’s asset purchase programme are meeting with a chillier reception than their European counterparts.
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The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.
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Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.
