Citi
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Severstal has bought back $221.4m of its 2016 and 2017 bonds after raising the buyback price last week. The Russian steel company had hoped to buy back up to $600m of the bonds.
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BBVA is looking to cut the cost of raising additional tier one capital on its third such transaction in two years, announcing initial price thoughts of high-6% area for a perpetual non-call five year trade in euros, compared to the 7% it paid to sell a euro perp non-call five year in February 2014.
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The Spanish government is set to price its privatisation of Aena, the state airport operator, this evening. The flotation of a 49% stake has attracted strong demand and looks set to be a big win for the government, potentially netting it up to €4.26bn.
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Mitsubishi UFJ Lease & Finance Company has mandated banks to arrange a series of investor meetings that may lead to a US dollar Reg S bond. -
The Chung family has finally managed to shed some of its shares in South Korean conglomerate Hyundai Glovis, raising W1.16tr ($1.06bn) via a block trade on February 5 that hit the market less than a month after an earlier transaction failed to gain traction among investors. The presence of a domestic bookrunner, longer lock-ups on the selling shareholders and more proactive conversations with investors ahead of launching the trade ensured that this time round there was no room for any botch-up.
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LatAm DCM bankers were surprised and impressed that Argentine oil company YPF raised $500m of new debt this week with the sovereign default unresolved and oil prices falling. But the smaller than planned size and hefty new issue premium mean few are expecting a burst of new issue activity from the country, despite the City of Buenos Aires preparing to meet investors.
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Greece’s olive branches to its creditors failed to impress sovereign DCM and syndicate bankers and investors this week as its bonds were routed once again. But the fortunes of the Hellenic Republic — the first eurozone country to seek a bail-out — were in stark contrast to those of the first country to leave one as Ireland sold a triumphant debut 30 year benchmark.
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Isolux Corsán, the Spanish energy and construction firm, pulled its €600m IPO on January 29, in the first blow to what has been Europe’s strongest ECM region so far this year.
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Slovakia’s Eustream printed a €500m no-grow 10 year bond at 200bp over mid-swaps on Thursday late afternoon in London, the first investment grade corporate deal out of central and eastern Europe so far this year.
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National Bank of Abu Dhabi printed its $750m five year bond on Wednesday from a book of $1.8bn, having been successful in attracting emerging market and investment grade accounts despite tight pricing flat to the curve.
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Italy’s Servizi Assicurativi del Commercio Estero (SACE) made a last minute appearance in last week’s primary FIG market, pricing a €500m perpetual non-call 10 year subordinated bond at 25bp lower yield than where initial price thoughts were set despite uncertain secondary markets and an ostensible lack of comparables.
