Citi
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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Greece’s comeback bond this week should build on its already strong secondary performance, said SSA bankers, paving the way for the sovereign to bring more deals before its scheduled bail-out exit in August 2018. Bankers were quick to point out that while the deal resembled its last comeback trade in April 2014, much has changed since — including its cost of borrowing. -
FMS Wertmanagement was this week the latest public sector issuer to enjoy enviable conditions in the dollar market, and after a US Federal Reserve meeting this week passed without any major surprises more borrowers are rumoured to be looking at trades for next week.
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India’s Nirma is set to hit the US term loan B market for financing to back its bid for Tronox Alkali, a US-based company. The flexibility that comes with selling into an institutional market pushed Nirma to pick a combination of a US TLB and a bond for its acquisition, said bankers.
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Bain Capital’s Diamond, the cleaning chemicals business, had to remove a controversial restricted payment clause before printing the triple-C rated bonds of its new financial structure on Tuesday.
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Greece’s return to bond issuance on Tuesday drew praise from bankers across the SSA sector, who are now eagerly waiting to see whether the book — much smaller than its previous comeback bond in April 2014 — trumps that older deal for quality.
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FMS Wertmanagement nipped into a quiet dollar market on Tuesday, pricing a five year global benchmark flat to its curve after taking the unusual step of jumping 2bp from opening guidance in one step.
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Following a US Treasury report on regulating the financial system, published last month, the chief executives and chief financial officers of the big US banks lined up to praise the reforms’ potential — though they could be the last nail in the coffin of international regulatory co-operation.
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Cairn India Holdings has signed new lenders into a $651m loan that had been in general syndication since late May.
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Industrial Bank of Korea (IBK) raised $300m from its first trip to the additional tier one market on Monday. Investors embraced the structure, pushing the books to eight times covered.
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Sunac China Holdings has raised HK$4.03bn ($516.2m) from a top-up placement, taking advantage of its recent media focus and skyrocketing share value to bag a deal.
