Citi
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RSA Insurance hit the market on Thursday with a tier two sterling print, shrugging off recent volatility in the sub debt market. Bankers away from the deal judged it to offer a generous premium, though they conceded this was justified given recent market conditions.
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Bank of America Merrill Lynch and Citi were the biggest climbers in the Latin America and Caribbean international bookrunner DCM league tables in last three months, with Citi replacing HSBC at the top and BofA Merrill breaking into the top four. -
Exor, a principal holding company of the Agnelli family, which founded Fiat, on Wednesday issued its first bond since 2007. Despite shaky market conditions, the 10 year bond attracted ample demand, helped by the fact that it offered about 150bp of spread — not available every day on investment grade paper.
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Polish corporate Synthos has taken a hit in the secondary market and is trading two and a quarter cash points down from reoffer. Critics attacked the deal execution and warned that the trade may hurt future Polish corporates wanting to access the market. But bankers on the deal defended the sale and said the issuer had set a very ambitious price target.
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Asian Development Bank has sold its entire stake in India’s Petronet LNG through a Rp7.14bn ($117m) block that priced on the morning of September 26, leading to the company’s share price taking a hit when trading began.
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South Korean automobile manufacturer Kia Motors Corp is tipped to have mandated six lenders for a $578m loan that will finance the setting up of a new facility in Mexico.
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Beijing Jingneng Clean Energy Company raised HK$1.3bn ($168m) from a private placement of shares on Thursday night, in a deal sold to just 10 investors after a wall-crossing process that lasted two days.
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The Asian Development Bank has sold its entire stake in India’s Petronet LNG in a Rp7.14bn ($117m) block that priced on the morning of September 26, leading to the company’s share price taking a hit when trading began.
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Yankee heavyweights ING and Santander rounded off a stellar month for US financials issuance with trades that pushed supply beyond $70bn.
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Kuwait's Burgan Bank priced its debut additional tier one (AT1) bond in what bankers on the deal said were challenging conditions on Tuesday. While the point of non-viability (PONV) trigger premium is up for debate, bankers say that Middle Eastern banks will only have to pay up marginally to issue Basel III debt.
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Polish synthetic rubber firm Synthos made a strong debut on Wednesday with a €350m seven year non-call four debut offering. Rarity of supply from both the sector and from Poland buoyed investor support for the deal which offered a pick-up over the usual state and state-owned corporate deals from the country.
