Citi

Turkish consumer products company, Yasar Holdings, printed its $250m bond on Thursday evening from a book of $620m and well inside initial price thoughts. The success of the EM high yield deal — the first to be printed since the huge US volatility of a fortnight ago — bodes well for other corporates from the region roadshowing bonds.

The US investment grade corporate bond market barely blinked this week when the US Federal Reserve called time on quantitative easing. Companies hit the market ahead of what is expected to be a bumper November for new issuance.

The $500m five year, non-callable senior bond Jaguar Land Rover sold on Tuesday began trading up at 100.75, gathering investor interest in a market environment that “is only now becoming more stable”, said the company’s treasurer.

CVC and Blackstone’s sale of Merlin stock struggled to gather momentum on Wednesday evening, but support from long-only UK investors the following morning dragged the deal across the line just in time for start of trading.

Turkish consumer products company, Yasar Holdings has released price guidance at a yield of 9% to low 9% for a $250m 5.5 year non-call three bond. The high initial guidance drew attention from syndicate officials away from the deal who said that the note would serve as a test of investor appetite for EM high yield names.

Nigeria’s Fidelity Bank is looking for a $100m two year loan, at the start of an expected wave of international loan financings from the country.

Korea Electric Power Corp (Kepco) has raised W855.6bn ($808m) by selling all its treasury shares via a block trade on October 23 to become the largest South Korean ECM transaction so far this year. Priced just above the lower end of the range, the deal resonated well with international investors, with demand from them alone taking books to around three times covered.

Tata Motors (TML) delivered a top quality drive-by bond on October 23. Not only did the 5.5 year offering prove so popular that 317 investors were biting the issuer's hand off to get an allocation, but TML was also able to meet a price target that bankers said was demanding, as well as extend its maturity profile by issuing an additional last minute 10 year bond.

Indian power utility company CESC raised Rp4.91bn ($80m) from a qualified institutional placement on Tuesday night, with demand strong enough for the group to exercise its entire greenshoe option. But the deal was still lower than the $150m approval that the company obtained in September.

Hutchison Whampoa showed off its impeccable access to bond markets, rewriting the record books and selling $5.4bn worth of dollar and euro bonds on October 28 in what is the largest corporate offshore deal to come out of Asia ex-Japan.

GTech, the Italian gambling technology firm that used to be called Lottomatica, has slimmed down its $10.7bn bridge loan for its acquisition of International Game Technology of the US to $10.2bn.

Korea Expressway pulled its dollar bond before the US open on October 27 after it realised it was not going to achieve its target price. Bankers were frustrated and said that a decent trade could have been done at a higher yield, but the issuer was not willing to pay up.