Citi
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The short end of the dollar curve is enjoying a purple patch, with public sector borrowers drawing big books and pricing with much lower new issue premiums than earlier in the year.
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Portugal breathed some liquidity into a pair of outstanding bonds on Wednesday with its first syndication since January, achieving much lower premiums than its last syndication, according to bankers.
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The European Union proved that for the right issuers there is considerable demand at the 15 year point of the curve, with the Joint Länder planning a return to the market with a seven year benchmark for the first time since a mooted deal in February stalled. -
Equity capital markets teams at banks will need a very good second quarter to make up for the weak first one, which left volume more than 50% down on last year’s run rate in both Emea and the Americas.
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Korea National Oil Corp (KNOC) navigated a crowded primary market on Tuesday to seal a $1bn dual-tranche bond. Thanks to the credit’s safe-haven status, onshore investors piled in, allowing the firm to price the deal flat to its existing curves.
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Global Medical Real Estate Investment Trust, owned by Hong Kong-listed ZH International Holdings, is aiming to list on the New York Stock Exchange in a deal that could net $100m.
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The Inter-American Development Bank highlighted the depth of demand in a resurgent dollar market by printing the largest benchmark in the currency in over a month — with KfW next up to test the dollar’s depth.
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Portugal is lining up for its first test of the syndication market since the European Central Bank announced its latest round of monetary easing measures a month ago — measures that have had less effect on Portugal than its periphery peers.
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The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.
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Schaeffler Holdings has launched tonight the sale of the family holding company’s last non-voting shares in Schaeffler, the German bearings maker which floated in October. It is likely to be the only block trade in the stock for the foreseeable future.
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LeasePlan Corp, the Dutch car finance bank that recently struggled through tough bond market conditions to price a €1.55bn subordinated high yield deal to finance its takeover by a group of institutional investors, had a very different experience on Monday when its first senior bond issue since the takeover was a huge hit with investors.
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