Citi
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Cemex is back in the bond market after a year and a half’s absence, opening books on a senior secured bond in euros. -
High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.
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Kommunekredit, Kommunalbanken (KBN) and World Bank hit screens for dollar deals on Monday, as bankers said that this week offers a decent window for issuance in the US currency.
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Citi's head of capital market origination in Asia Pacific is taking over the bank's Indian operation.
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SNCF Réseau took advantage of a move in swap spreads and a favourable euro/dollar basis swap to sell its third dollar benchmark on Friday, ahead of what SSA bankers say will be a busy week of supply in the currency. Nordic agencies are among the issuers expected to be come to the dollar market next week.
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Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.
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Solar glass manufacturer Xinyi Solar Holdings has raised HK$1.32bn ($168m) after selling a block of new shares in a top-up placement.
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The Democratic Socialist Republic of Sri Lanka sealed a $2.4bn bond after shaking off investor concerns about the country’s political turmoil and ratings downgrades.
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The Asian Development Bank broke two records on Thursday as it printed its biggest sterling deal to date and took non-UK SSA issuance in the currency to a record level for a half year. Supply is likely to take a breather next week owing to some crucial Brexit votes in the UK Parliament, but SSA bankers are confident the market will not take long to spark back into life.
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Two Turkish borrowers hit the market on Thursday, following in the wake of a Koç Holding trade earlier in the week and making it Turkey’s busiest week for deals in almost three years.
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