Citi
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The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.
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Arcelik, a Turkish home appliances and consumer electronics company, is out with price thoughts for the first euro-denominated bond from a Turkish corporate. -
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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Two banks dominated the three main categories of our latest and largest survey of Asia's credit, interest rate and commodities sectors.
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Australian gaming products maker Aristocrat Leisure is eyeing the US market for a $1.3bn seven year senior secured term loan. The company plans to use the money to fund its acquisition of US gaming operator Video Gaming Technologies and to refinance debt.
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For the first time this year the supply of covered bonds issued in currencies other than the euro led primary flows. Issuers in Australia, Canada and Norway launched benchmarks in dollars and sterling leaving euro issuance trailing.
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Swiss Re drew an almost four times oversubscribed order book for a debut dated dollar subordinated debt issue on Thursday. The deal showed that appetite for sub debt remains robust among investors, even following starkly reduced demand for additional tier one paper deals from Santander and UniCredit earlier this week.
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Bank of America and Citi took to the euro market on Wednesday with self-led trades, pricing seven and 12 year notes respectively. More US issuers are likely to consider selling euro debt in coming weeks, drawn by access to longer dated funding and attractive pricing compared with dollars.
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A trio of issuers printed oversubscribed deals in dollars this week, including the Inter-American Development Bank’s largest ever dollar global. More borrowers are eyeing issuance in the currency given the impressive levels of demand on offer, although holidays next week will make windows of issuance few and far between.
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The wave of acquisition financings kicked off this week as Marathon Petroleum exploited the recent sharp rally rates and caught investors in eager mood following the August lull.
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Brazil took advantage of the expected negative supply of Latin America sovereign bond paper to sell a $1bn tap of its 4.25% 2025s on Wednesday nearly flat to the country’s outstanding bonds.
