Citi

Moody’s has warned France’s LVMH that its $16.2bn debt-fuelled acquisition of Tiffany & Co will put its debt metrics near capacity for its A1 rating, as the acquisitive firm lines up $17bn of financing to buy the US jeweller.

Moody’s has warned France’s LVMH that its $16.2bn debt fuelled acquisition of Tiffany & Co. will put its debt metrics near capacity for its A1 rating, as the acquisitive firm lines up $17bn of financing to buy the US jeweller.

Oil and Natural Gas Corp (ONGC), the largest crude oil and natural gas company in India, tussled with bond investors during marketing for its latest dollar deal this week. Investors pushed back against ONGC’s demanding terms and forced a last-minute flip-flop over a change of control clause. Morgan Davis reports.

After a day of global investor calls on Tuesday, Gas Networks Ireland and Radiotelevisione Italiana (Rai) launched sub-benchmark bonds on Wednesday morning. That followed a deal by Tamburi Investment Partners on Tuesday.

Islamic Development Bank took €1bn out of the euro market on Wednesday, as it made its green sukuk debut with investors.

Thailand’s state-owned PTT Exploration and Production Public Co ended a two-year hiatus from the offshore bond market this week with a $650m deal, taking advantage of the low rate environment to extend its maturity profile to 40 years.

The UK’s Prudential Regulation Authority has handed three Citigroup subsidiaries a fine of £43.9m for problems with its regulatory reporting, in particular in relation to one of their capital and liquidity positions.

Italy’s Tamburi Investment Partners brought a sub-bechmark five year trade on Tuesday, with similar deals for Gas Networks Ireland and Radiotelevisione Italia waiting in the wings.

Islamic Development Bank on Tuesday came to investors with a benchmark five year deal, two weeks after announcing its intention to issue a green sukuk in the euro market.

Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies.

TMB Bank Public Co has sealed a $400m Basel III-compliant additional tier one bond. The rarity of the Thai deal made price discovery tricky.

Ant Financial, an affiliate of Chinese e-commerce giant Alibaba Group Holding, has launched a $3.5bn three year loan into syndication, after closing an amendment and extension of an old borrowing.