Citi
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A trio of US banks found deep demand in the euro market this week, with Citi, Goldman Sachs and JP Morgan all drawing large order books for senior deals in the currency. A favourable cost of funding compared to dollars allowed the banks to offer up large new issue premiums to investors, calming the nerves of any investors concerned by the recent glut of supply or possible volatility from Thursday’s ECB meeting.
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Italian electricity company Enel has priced a €1.46bn 10 year bond, to be issued to the holders of six shorter dated bonds, after 25% of the investors accepted an exchange offer. -
International bond investors welcomed back Reliance Industries for the first time in two years as the Indian conglomerate priced a $1bn 10 year offering on January 21. The deal notched up a number of landmarks, being the first Indian credit to come to market in 2015 and achieving the lowest coupon ever for the issuer in the offshore market.
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Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.
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A good market window brought Reliance Industries bank to the bond market on January 21 with the Indian conglomerate appointing a large syndicate to reward banks who have worked on its loans.
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The lowest ever coupon on a Spanish 10 year euro benchmark was not enough to deter investors from piling into an April 2025 syndication from the sovereign on Tuesday, with books more than twice subscribed.
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Kazakhstan’s state-owned nuclear holding company Kazatomprom has signed a $450m facility agreement with banks to pay down eurobonds maturing this year.
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Enel, the Italian electricity company, has set the minimum spread for its new 10 year benchmark euro bond at 115bp over mid-swaps, which one banker described as a "very investor-friendly" level.
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Isolux Corsán, the Spanish energy and construction firm, plans to float on Spain’s main stock markets in a deal that could be worth €600m.
