Citi
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Sovereign, supranational and agency borrowers this week enjoyed conditions that smacked of the exuberance of 2006 and 2007, but those issuers wanting to take advantage of supply-starved investors next week will have only a narrow window — as a Federal Open Market Committee meeting, a holiday in Japan and Scotland’s vote on independence will make opportunities for issuance few and far between.
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White goods company Arcelik priced the first ever sub-investment grade emerging market euro deal with no high yield covenants on Wednesday. While bankers claim the deal paves the way for more Turkish corporate deals with no covenants, they admit that only an elite group will be able to follow. -
Delachaux - Co-op Pharmacy - Corialis - Averys - HSE24 - WMF - Cheminova
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Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.
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Emirates NBD sold a $500m tier one perpetual non-call six bond on Wednesday. It was priced flat to the borrower’s existing Basel II compliant note but bankers away from the deal said that it looked to have struggled throughout the execution process.
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The senior FIG market enjoyed a barnstorming week in euros. A combination of a positive market tone following last week’s European Central Bank meeting and high levels of cash at investment houses allowed issuers to rack up large order books while pricing at competitive levels.
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The investment grade market was a story of the haves and have-nots as investors showed signs of fatigue amid a deluge of supply.
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The US bank’s cost-cutting and investment in senior bankers is paying off. Now it has more ambitious plans to close the gap on its rivals, writes David Rothnie.
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Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.
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China's Alibaba Group has thrown open its long awaited $21.13bn New York IPO, with a deal that is likely to be not only the biggest US listing ever but could also break the record for the biggest IPO globally.
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Australian gaming products company Aristocrat Leisure plans to market its $1.3bn seven year senior secured term loan to US investors. The company is raising the money to fund its acquisition of US gaming operator Video Gaming Technologies and to refinance debt.
