Citi
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Agricultural Bank of China New York (ABC NY) made its debut in the international bond market by printing a bigger than expected $1.25bn triple tranche offering on May 14. But in order to accommodate to the US investor base, the deal had to be priced at very friendly levels — reflected in its secondary performance. -
China Minsheng Banking Corp (CMBC) made its debut in the dollar bond market on May 14 and, thanks to strong demand from Chinese banks, it was able to price tighter than its better rated comparable — and bulk up the size.
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Ecuador took advantage of its falling bond yields in the wake of a rally in oil prices to reopen its dollar bonds due 2020 for a further $750m on Thursday.
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The heap of failed IPOs in Europe this year is mounting, with another two deals cancelled this week, almost at the last minute before completion, write Olivier Holmey and Rashmi Kumar.
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The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.
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The 3M Co, the US maker of adhesives and a wide range of manufactured goods, highlighted a renewed bid at the long end for euro corporate paper this week, drawing a three times oversubscription for the 15 year component of a triple tranche trade.
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The US high-grade market continued its hot streak this week, with more than $23bn of new corporate deals being priced in three days despite heightened volatility.
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Banca Monte dei Paschi di Siena is set to launch its long-awaited rights issue, for up to €3bn, later this month, after the European Central Bank gave approval for the deal on Wednesday.
