Citi

Thai Beverage is planning to spin off and list its brewery business in a deal that could raise up to $2.5bn, according to a source familiar with the matter.

South Korean credit card company Hyundai Card has put together a syndicate team for its IPO, which is expected to value the company at around $2bn.

A number of untested European companies have made their entrance to the international high yield bond market in the past two weeks as central banks fuel conditions that pamper repeat and new issuers alike, while driving investors into ever riskier assets in a hunt for yield. Karoliina Liimatainen reports.

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.