Citi
-
Two Turkish issuers were back on screens this week as the country continues its rehabilitation in the capital markets. QNB Finansbank printed with a 10bp new issue premium, according to one lead manager, a level which he said shows how far Turkey has come since the sovereign paid up 50bp for its post-volatility return to market trade in October. -
Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.
-
QNB Finansbank has revised initial price thoughts for its benchmark dollar 5.5 year bond, with books for the deal over $1.4bn. Both an investor and a syndicate official had said earlier in the day they expected tighter pricing.
-
Poland is in the market for its most ambitious green bonds yet. It has opened books for two tranches of euro debt, hitting the 10 and 30 year maturity buckets.
-
Export Development Canada made light work of its debut euro benchmark on Wednesday, with the deal heavily oversubscribed and printed 3bp tighter than price thoughts. While applauding the deal, some on-looking SSA bankers felt the level on offer might have been slightly generous — although they admitted that fair value is always fuzzy on an inaugural trade.
-
Turkish lender QNB Finansbank has mandated six banks to arrange a dollar 5.5 year Reg S/144A benchmark senior bond, the first senior bond from a Turkish bank since March.
-
Export Development Canada mandated banks on Tuesday for its inaugural euro benchmark, despite the euro/dollar basis swap having moved against euro issuance since the start of year, according to bankers.
-
Switzerland’s Roche has agreed to buy US company Spark Therapeutics for around $4.8bn, with analysts predicting minimal impact on the healthcare multinational’s credit metrics thanks to large forecasted free cash flow.
-
Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers.
-
Colombian airline Avianca could tap investors for a new bond issue in the coming weeks as it looks to refinance an existing bond maturing in May 2020.
-
Chinese broker Up Fintech, best known for its platform Tiger Brokers, is planning a listing of American Depository Shares (ADS) on the Nasdaq. It wants to raise as much as $150m.
-
