Citi
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Best, a logistics firm backed by Alibaba, started pre-marketing its $1bn IPO on the New York Stock Exchange this week, as a clutch of Chinese issuers also filed listing applications in the US. -
India's sale of stock in energy company NTPC was meant to be the largest on record this week, worth as much as Rp138.5bn ($2.2bn). But the deal missed the mark after a muted response from retail investors.
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Kommunalbanken made what bankers away from the trade described as an “excellent” choice of tenor with a dollar benchmark on Wednesday as it tightened pricing from guidance — something that not every issuer has been able to achieve in the currency over the last two weeks. Meanwhile, a Japanese issuer mandated for a trade that bankers expect to go well despite geopolitical tensions in Asia.
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The bookrunners on logistics company Best’s potential $1bn US IPO have kicked off pre-marketing, according to a banker working on the deal.
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Julius Baer Group is planning to sell its first US dollar-denominated additional tier one (AT1) bond, and will visit Asia and Europe for a roadshow later this week.
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Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.
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Tajikistan has named two lead banks for its first ever bond, the proceeds of which will be used to partially fund a hydropower plant project.
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The Development Bank of Japan (DBJ) is set to go on the road to promote its third sustainability bond. Bank Nederlandse Gemeenten has also unveiled plans to return to SRI this year.
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The Indian government is off to a strong start with its biggest sell down in power producer NTPC, with the institutional portion of the Rp138.5bn ($2.2bn) trade nearly covered just half a day into bookbuilding.
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Korea’s Kookmin Bank is eyeing a return to the dollar bond market, meeting with investors this week to gauge interest in a senior deal.
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