Citi
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E-commerce giant Alibaba revealed on July 11 that it now values itself at $130bn, up from $117bn in June, as yet more information is unveiled by the Chinese firm ahead of an upcoming listing. -
Modernland Realty could be the first Indonesian name in the dollar market since last week’s still-undecided presidential elections. The borrower has launched an exchange offer for its outstanding 2016s and plans to issue a new five year dollar bond.
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Romeet Shankardass has left his role as a director in the loan syndication group at Citi to take up a new position at HSBC.
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China Gold International Resources Corp pulled in a $7bn order book for its inaugural international bond on Thursday, just before a shock from Portugal sent markets around the world into a state of disarray. Although dealers had tightened pricing by 35bp as investors took to the rare state owned credit, the notes nonetheless rallied in secondary trading the following day, tightening by 17bp.
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Latin American issuers continue to pile up tightly-priced, heavily-oversubscribed bonds even as market worries over Portugal’s Banco Espirito Santo tinged trading in the region on Thursday.
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Emerging market bond investors say they are finding little value in investment grade Chilean corporates after power transmission company Transelec continued LatAm’s lengthening run of blowouts with a $375m deal sold inside its existing — admittedly illiquid — bond.
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Greece braved the furore surrounding Banco Espírito Santo this week to print its second deal since receiving a bailout in 2010. But the trade fell short of some bankers’ expectations — both in volume and maturity — and some worried that the politically driven rigidity of the sovereign’s funding strategy could come back to bite it if there is similar volatility when it next comes to the market, most likely a seven year bond later this year, writes Craig McGlashan.
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Development bank Corporación Financiera de Desarrollo (Cofide) took advantage of a strong bid for Peru after the sovereign’s newly attained A3 rating from Moody’s to price senior unsecured and subordinated tier two bonds that mean it is unlikely to have to raise new capital for at least three years.
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The Republic of Iceland returned to euro syndications for the first time since 2006 this week, with a €750m six year bond that was almost three times oversubscribed and priced at the tight end of guidance. The issuer has plenty of time to consider its next move — its next redemption is in two years’ time.
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China Huarong Asset Management issued the third ever dollar denominated bond from a Chinese asset management company (AMC) on Wednesday, July 9. Although voracious investor demand for the dual trancher gave the issuer plenty of room to tighten pricing, the AMC opted to leave some money on the table for investors.
