Citi
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Koninklijke DSM, the Dutch chemical company, issued an opportunistic €750m 10 year bond on Monday that was priced with a single digit new issue premium. -
Public sector borrowers are piling into the dollar market at the start of the week, with a US Federal Reserve rate decision on Wednesday likely to shorten the issuance window.
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French retail property group Klépierre issued a €600m 15 year bond on Monday, taking investors down the maturity range with the promise of yield.
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The International Bank of Azerbaijan (IBA) is in the market for its annual loan refinancing, the deal is smaller than the loan it refinances at $150m, according to one banker invited to join.
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Ghana has bought back $200m of its outstanding 8.5% 2017s — just half of the targeted $400m. Emerging markets investors were happy to hold the bonds to maturity, said one on Monday.
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Deutsche Bank is at real risk of failing to pay coupons on its additional tier one instruments, as a potential $14bn US RMBS settlement threatens to erase the bank's available distributable items (ADIs). Outstanding DB AT1 securities reacted accordingly last Friday, shooting nearly 200bp wider.
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Telenor sold $1.5bn of shares in VimpelCom, the Russian telecoms company, this week, in a combined equity placing and exchangeable bond that were well received, despite the Uzbek bribery scandal that engulfed both companies last year.
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A trio of top tier SSA names nipped through a narrow issuance window at the start of the week to launch tightly priced dollar benchmarks.
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Postal Savings Bank of China and its potential HK$62.7bn ($8.1bn) IPO got off to a roaring start due to hedge fund demand. Oversubscribed on day one, it is on track to be the world’s largest IPO in two years. But an order book so far dominated by regional names is about to get a lot more global as management leaves Hong Kong for roadshows in the UK and US. Jonathan Breen reports.
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Hon Hai Precision Industry sealed $1bn from a dual-tranche offering, seizing what is thought to be the last good window before the Fed’s decision on a September rate hike.
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State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong.
