Citi
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The Province of Buenos Aires is expected to announce a bond mandate shortly after Moody’s and Standard & Poor’s granted the bond to be Caa2/CCC+ ratings. -
Two corporate bonds were issued in Europe today, and, unusually, both were 12 year euro bonds from single-A rated issuers. Both were also priced at 72bp over mid-swaps.
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Lloyds Banking Group began its long awaited float of TSB on Tuesday, hoping that the rare opportunity to find exposure to UK retail banking will allow investors to look through the weakening sentiment for UK IPOs and any worries about the run of further sales that are to come.
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América Móvil could bring its long awaited tap of its global local Mexican peso bonds shortly after mandating banks for a roadshow, though the bluechip telecoms company will face some investors unhappy that liquidity in the innovative instrument has not materialised as promised.
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Logan Property Holdings launched its debut transaction in international markets on Tuesday with a five year non call three dollar issue. Although the non-investment grade developer is a relatively new name, it ranks well among Chinese property companies for financial health, and the deal is said to have gotten off to a solid start.
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Chinese internet company Xunlei is making its second attempt at listing on the Nasdaq, having filed a prospectus for a $100m US IPO with the Securities and Exchange Commission.
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Syndicate Bank is meeting with investors for a proposed dollar bond. It will be the Indian issuer’s first appearance in the market since September 2012.
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Vitol’s self-arranged $2.05bn loan to fund the acquisition of Royal Dutch Shell’s Australian business has wrapped up with commitments from 18 lenders.
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Pertamina priced the largest single tranche 30 year dollar bond from an Asian corporate issuer in the earlier hours of Friday morning. Despite not announcing the deal until 2:30pm HKT the day before, books built well and investor appetite for Indonesian credits drove pricing through the issuer’s existing curve.
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Deutsche Bank and Credit Suisse tapped the dollar market with jumbo deals on Thursday, with syndicate bankers predicting a rush of deals from other financials in the near future.
