Citi

Spain dived head first into the enticing liquidity pouring from the European Central Bank and came up dripping with cash this week, but its innovative syndication and two day switch offering combination may well be better remembered for how the ripples affected other sovereigns in the pool rather than the initial splash it made, said bankers. Craig McGlashan reports.

Japan’s Accordia Golf is planning to start premarketing for its proposed business trust offering of golf courses on to the Singapore Exchange next week, according to bankers on the trade.

Two issuers from the eurozone’s periphery hit the senior market on Thursday despite a halt in the rally triggered by a rates cut from the European Central Bank last week.

Sinopec Group Overseas Development took advantage of abundant liquidity to price a three tranche tap on June 9 that saw across-the-board savings for the issuer. The oil major returned to the market to reopen three of the five tranches from its record breaking $5bn April issue.

Kookmin Bank will be meeting investors during the next two weeks for a proposed international bond.

Luye Pharma Group started premarketing a $800m Hong Kong IPO on June 11, with those on the deal confident that investor demand will be red hot.

Mobile network operator Idea Cellular raised Rp30bn ($507m) on June 6 in what was the third largest ECM trade in India so far this year.

China Modern Dairy Holding’s debut international syndication has been increased to $300m from $200m, driven by overwhelming market interest.

GS Caltex returned to the dollar market on Wednesday with a five year bond that was priced inside the issuer’s existing curve on the back of strong investor appetite for Korean credits.

Hearing whispers of an expanded MTN team at Mizuho, Leak was straight on the phone to Giso van Loon, the firm's MTN chief. However, things were not as straightforward as we had hoped.

Sandvik and Sixt both launched sub-benchmark bonds today, after Sandvik had roadshowed on Monday and Tuesday and Sixt had held a conference call with investors on Tuesday morning.

Alstom Auxiliary Components has widened price guidance on the first lien tranche of its €630m-equivalent leveraged loan facility by up to 75bp.