Citi
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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.
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Abu Dhabi's Mubadala has tightened the margin on its $1.75bn three year refinancing, despite the price on the original loan already being “eye-wateringly low”, according to one banker.
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The southeast Asian high yield market saw some long overdue activity this week, with Indonesia’s Sri Rejeki Isman raising $350m from a liability management exercise. With volatility and low commodities prices forcing high yield issuers from the region to stay away from the market this year, Sritex’s success has now flung open the door to new issuance, writes Narae Kim.
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Political turmoil has stopped from Croatia printing its planned euro Reg S issue, having completed a two day roadshow for the deal on Tuesday.
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PKN Orlen printed the first non-financial corporate bond from Poland since 2014 on Wednesday and managed to mop up plenty of demand from a brand new investor base.
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Indian mortgage lender HDFC is seeking $375m five year money in general syndication and is set to receive the entire loan from the leads this week.
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The Sultunate of Oman is starting the roadshow for its dollar benchmark 144A/Reg S bond on Thursday.
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Kuwaiti petrochemicals firm Equate is taking its time to refinance $6bn of loans, with bankers blaming the tight pricing and deal size for the slow progress of the self-arranged transaction.
