Citi
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Energo Pro, a hydro power plant operator and electricity distributor in Bulgaria, Georgia and Turkey, opened books for its €250m bond issue at 4.5%-4.75% on Friday, higher than the low to mid-4% it originally indicated. -
South Korea’s SK Lubricants has withdrawn its up to W1.6tr ($1.5bn) IPO after failing to get the desired valuation, according to a filing with the country’s financial regulator on Friday.
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A resurgence in demand for short end paper lured a succession of financial institutions to the dollar market with bank level trades this week.
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Three CEE new issues are in the works: Bulgarian Energo Pro is hoping to print its bond as soon as Friday, Hungarian fertiliser company Nitrogénművek is looking to issue €200m with a new euro seven year non-call three bond, and Wizz Air has received its first ever credit rating, a likely precursor to a bond issue.
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The London and Johannesburg listing of Vivo was covered today, two days after launch, good news for African equities after South African bottle producer Consol had to pull its IPO.
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Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.
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Energo Pro, a hydro power plant operator and electricity distributor in Bulgaria, Georgia and Turkey, finished its roadshow in Wednesday and is planning to bring a euro-denominated bond as early as Friday.
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Chinese oil and natural gas producer CNOOC jumped into the bond market on Wednesday for a dual-tranche deal, raising $1.45bn.
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The Singapore equity capital market was hit by some unpleasant news this week when a pair of IPOs were shelved in quick succession. The move drew mixed responses from bankers, with one saying it highlights the city’s dwindling appeal as a listings hub, and others promising a busy year ahead for equity raising. John Loh reports.
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Fiat India Automobiles, the India-based wholly-owned subsidiary of Italy’s FCA Group, has cut the price of a $250m old project loan by converting it into a corporate finance deal.
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Chinese technology giant Huawei postponed its debut euro bond late on Wednesday after final terms had been released, following news of a US investigation into whether the company had violated sanctions against Iran. While Huawei had enough support to go ahead with its transaction, it put the deal on the back burner to maintain its standing with investors, said bankers. Morgan Davis reports.
