Citi
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Thailand’s equity market looks set for a busy few months with Bangkok Airways Public Company starting to pre-market an IPO that could raise up to $500m. At that size the deal would be one of the largest listings ever in the country. -
Oil rig maker Honghua Group made its inaugural issue in international markets on Thursday. Having opted for the Reg S /144A format to tap into the US investor base, the Chinese company pulled in an impressive $1.4bn order book for the $200m five year non call paper.
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Singapore’s Keppel Reit Management raised S$228.15m ($180m) through a placement of shares on Thursday, September 19, through a fixed price deal that was well-flagged to investors ahead of launch.
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While Panamá showed that liquidity is there for the right names in Latin American bond markets this week, for the second week in a row a Colombian oil company had to pay up for its bonds as interest rate uncertainty in the US hits credit markets.
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Royal Bank of Canada and Toronto Dominion returned to the dollar covered bond market this week, taking the number of benchmark issues in the currency this month to four. The two $1.75bn triple-A five year deals priced at 27bp and 29bp over mid-swaps, respectively. While the two deals became joint largest dollar deals this year, it was RBC’s deal was the tightest in dollars for several years.
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A trio of SSA borrowers squeezed into a narrow window of issuance this week to enjoy exceptionally strong conditions in dollars. Origination bankers will be beating at the doors of any funding officials that still have work to do this year to persuade them to mandate for next week and take advantage.
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FGA Capital, the car finance arm of Fiat, returned to the bond market on Monday for its third bond of the year.
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Institutional investors piled into Nordea’s debut additional tier one issue this week, taking the lion’s share of the order book. The bank’s high capital ratios, distance to trigger and solid reputation drew in a multiple times oversubscription, despite the leads bringing in pricing to the tightest level seen yet on an AT1 deal.
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The Inter-American Development Bank this week offered a break from green bonds in the public sector sustainable and responsible capital markets, bringing a debut socially themed benchmark dedicated to funding projects in education, youth and employment.
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UK clothing company Fat Face set price guidance on its £210m senior secured loan yesterday, the borrower's first return to capital markets since it cancelled its IPO in May.
