Citi
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Baidu-backed video streaming platform iQiyi has raised $2.25bn after pricing its Nasdaq IPO at the mid-point of guidance, according to a banker close to the deal. -
Chinese smartphone and laptop maker Lenovo Group has sealed a $1.5bn borrowing from 21 lenders, according to bankers.
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Public sector borrowers are having to take a more cautious approach to their dollar issuance, as wide swap spreads and a disconnect between secondaries and primary clearing levels require a touch more concession. But while all agree on the treatment, there are differing views on how long the affliction will last, writes Craig McGlashan.
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High-grade dollar bond supply continued to flow with a flurry of smaller deals this week but bankers see little to cheer about as a disappointing first quarter drew to a close.
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The Kingdom of Bahrain was set to print a $1bn 7.5 year sukuk on Wednesday evening from a book of $2.2bn, with leads having managed to crunch the coupon to 6.875%. Rivals had called the guidance for the note “a new record” high for a new issue premium, but leads said the illiquidity of the sukuk curve rendered the concept of new issue premium almost meaningless.
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Carmaker Fiat Chrysler Automobiles has amended its existing €6.25bn revolving credit facility to stretch out the maturity to 2023, but loans bankers are concerned about the low volumes of business to look forward to.
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Citi has appointed a new country officer for Ireland to lead the bank’s business in Dublin, its post-Brexit European headquarters.
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The Kingdom of Bahrain has squashed its plans to issue conventional bonds but is forging ahead with its long seven year sukuk, putting out initial price guidance for the deal.
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The UAE’s largest private healthcare company, NMC Healthcare, has signed a $2bn loan with a club of international banks, continuing a growing trend of Middle Eastern private companies entering the syndicated loan market.
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KfW was set to price a $4bn three year global at the tight end of guidance with a comfortably oversubscribed book on Tuesday. But bankers said the concession offered was a sign of a changing pricing dynamic between issuers and investors.
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This week is a tale of two IPOs and how sellers react to the market volatility. One seller has decided to pull a deal that no longer made financial sense, while another has chosen to resize its IPO to get it done.
