Citi
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The engines of sterling high yield issuance sound louder every week, with luxury carmaker McLaren and RAC Insurance adding supply to the already burgeoning sterling high yield bond market. -
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In one of the liveliest weeks for Polish IPOs for years, Raiffeisen Polska’s flotation was pulled, debt collector GetBack priced its listing at the bottom of the range, and Play Communications, the mobile phone company, achieved a covered book on the market’s biggest IPO for five years.
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Spiralling core eurozone government yields helped the European Financial Stability Facility pull off a cracking dual tranche trade this week, picking up a hefty €3.5bn at the long end. That led to speculation that other issuers could look to grab some long end funding before the summer — but with rates still rising and a weak French sovereign bond auction on Thursday, the window may have passed.
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Predictions that financial institutions would ebb as the mainstay of equity capital markets business after the major post-crisis wave of recapitalisations had been completed have proved premature.
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Bankers were calling the end of the dream run in emerging market bonds on Friday after Liquid Telecom was unable to tighten pricing or meet the $600m size target for its debut note on Thursday.
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Debut issuer Liquid Telecom had the sole focus of the CEEMEA primary bond market this week with bankers on the deal hoping that the combination of high yield and low duration will tick the right boxes for investors as rates continue to tick up.
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Hindustan Petroleum Corp (HPCL) on Wednesday sealed its inaugural international bond, a $500m 10 year deal. The company capitalised on a strong bid for Indian paper, and managed to price flat to its oil and gas peers with a similar government backing.
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Two Chinese banks sold dual tranche floating rate dollar bonds this week, taking advantage of the market’s enthusiasm to raise a combined $1.8bn. But the eagerness for the format appears to be waning.
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Shanghai Pudong Development Bank Co is back in the market with a dual tranche floating rate dollar deal, which it is selling through its Hong Kong branch.
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Hindustan Petroleum Corp (HPCL) opened books for its debut dollar transaction on Wednesday morning, and is looking for a 10 year bullet.
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Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.
