Citi

Spain’s capital market boom is being undermined by the return of local lenders, but international banks are well placed to capture a bulging M&A pipeline, writes David Rothnie.

Tata Motors (TML) is looking to defy the poor performance of Indian high yield credit and is in the market with a 5.5 year dollar bond. Despite Thursday being a national holiday in India for Diwali, bankers said that the borrower was keen to take advantage of a constructive window amid recent volatility, and books are building well.

The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

Türkiye Iş Bankasi has tightened price guidance to 340bp area over mid-swaps on a 5.5 year dollar benchmark bond, bringing the third Turkish financial institution bond in a fortnight — after Yapi Kredi and TSKB — and offering around a 10bp new issue premium.

IDBI Bank priced a five year dollar bond on October 20. While volatile markets saw the issuer pay some new issue premium, it managed to take advantage of a good window to price just wide of its curve.

Poultry feed producer Charoen Pokphand (CP) Indonesia’s $350m dual currency loan, which comes with a $50m greenshoe, has entered general syndication.

Tata Motors (TML) is looking to defy the poor performance of Indian high yield credit and is in the market with a 5.5 year dollar bond. Despite Thursday being a national holiday in India for Diwali, bankers said that the borrower was keen to take advantage of a constructive window amid recent volatility, and books are building well.

Corporate borrowers’ rush to raise money before earnings numbers go stale in mid-November looks to have begun in earnest in Latin America as still low base rates provide attractive conditions for issuers.

Dai-ichi Life is the latest Asian insurance company to tap the dollar market and has opened guidance on a new perpetual bond. It follows hard on the heels of Korean Re, which priced its debut bond on October 14.

Arkema’s roadshow for its possible €600m-€700m perpetual non-call six year hybrid bond issue finished today in Germany, following investor meetings in Paris and London which the leads say were well attended.

Turkish consumer products company Yasar Holdings is embarking on a roadshow with Barclays and Citi. Investor meetings for the deal start in London on Friday and take place in the US on Monday, Tuesday and Wednesday.

Turkish Development Bank Türkiye Sınai Kalkınma Bankası printed its $350m bond at 380bp over mid-swaps on Tuesday, ratcheting in pricing 20bp inside initial price talk and building a $1.3bn book. But leads estimated that the note still needed to pay a double digit new issue premium as investors remained cautious after last week’s volatile market.