Citi
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The popularity of China’s marquee technology firms is showing no signs of abating, with both Tencent Holdings and Baidu increasing the size of their borrowings following bumper responses. -
South Korea’s KT Corp is preparing for a dollar bond in the second half of the year, having selected four banks to work on the trade.
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The race is on for India’s first insurance IPO as ICICI Prudential Life Insurance lines up banks for its up to $400m float.
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Cemex Holdings Philippines has begun gauging investor interest in its IPO, which could raise up to $500m, sources close to the deal told GlobalCapital Asia.
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Veneto Banca’s IPO bookbuild will begin on June 8, but hopes of it achieving its flotation in Milan are dim. “At the bottom of the price range, there are cheaper Italian banks,” said one banker on the deal, encapsulating the problem.
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The wave of rights issues and capital raisings in the market this summer is so far going smoothly, with good news this week for Banco Popular Español, as its shares and rights perked up in trading.
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Convertible investors in Europe gobbled up an unusually large deal on Wednesday from a Japanese issuer, Kansai Paint Co, which raised ¥100bn with a two tranche structure, of which one tranche appealed more to hedge funds and the other to outright investors.
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After five months of silence, corporate issuers have returned to the Kangaroo bond market as pent up demand provides a ready home for paper.
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Banca Popolare di Milano and Banco Sabadell issued covered bonds which, despite their negligible new issue concessions, met with exceptionally strong demand.
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The conveyor belt of Gulf Cooperation Council sovereign issuers shows no sign of slowing, with the Sultanate of Oman finally setting off on its roadshow this week and rumours building around the Kingdom of Saudi Arabia’s gargantuan new issue.
