Citi
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Chinese after-school tutoring service Four Seasons Education has begun premarketing for its potential $120m IPO on the New York Stock Exchange, according to a source close to the deal. -
Vincom Retail covered books within hours of starting to take orders for its IPO, which could raise D15.4tr ($677.9m), a huge deal by the usual standards of Vietnam’s domestic equity market.
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The mandate for Reliance Industries’ $2.5bn refinancing has been revealed. The deal will consist of three portions, the bulk of which will replace a $1.5bn loan taken by one of its subsidiaries in late 2014.
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India’s Piramal Enterprises is in the market with an unusual sale of mandatory convertible bonds through a qualified institutional placement, part of a fundraising drive to that could fetch up to Rp70bn ($1.1bn).
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Brazilian steel producer Gerdau this week became the latest Latin American issuer to take advantage of hugely benign conditions to issue new debt inside where its existing curve was trading.
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Guarantor: Joint guarantee from Belgium, France and Luxembourg
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The African Development Bank (AfDB) said that it intends to enter the social bond market and will be roadshowing its social bond framework beginning October 19, it said this week.
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Swiss food and drinks company Nestlé extended and replaced €11bn worth of one and five year loans on Wednesday.
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Abu Dhabi Commercial Bank is set to come to market for a potential triple tranche kangaroo bond on Friday, following a deal from Emirates NBD that, according to a banker at one of ADCB’s leads, showed the market was still accessible to Middle Eastern borrowers.
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JP Morgan and Citigroup gave earnings season a rocky start on Thursday, with fixed income revenues at both firms well down on last year, as record low volatility levels bite deeper into trading activity. But investment banking remained largely resilient, and Citi’s ECM numbers surged.
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General Insurance Corp looks set to close the largest Indian IPO in seven years, after offering investors a whopping Rp113.7bn ($1.7bn) deal — and managing to cover 75% of the book on the first day. That was a rare show of early demand for an Indian listing, but the deal was simply too big to ignore, said local bankers. Jonathan Breen reports.
