Citi
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Brazilian pulp producer Fibria Celulose has offered to buy back its 6.75% senior unsecured notes due 2021 as it plans a new international bond of up to $500m. -
The US bank has dominated Asiamoney’s Fixed Income Poll to date, standing out for its strength in bonds and rates coverage, while French bank BNP Paribas makes the grade for its commodities coverage.
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Foreign exchange flows in the region are soaring, courtesy of increasing wealth, trade and capital flows. More is set to take place, and a driver of growth is likely to be related to the renminbi, FX Poll of Polls winner Citi tells Asiamoney.
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The region’s economic progress over the past decade has increasingly hinged on increasing trade volumes and regional company expansion. Asiamoney asks the top banks of our combined Cash Management Poll of Polls how their services have changed.
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Bank of China Aviation printed a five year bond on Wednesday night as the issuer looks to solidify its presence in the market after it more than doubled the size of its EMTN programme last month.
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China Overseas Land and Investment (COLI) defied the headwinds buffeting the Chinese property sector to execute a dual tranche transaction on Wednesday night. The investment grade real estate developer was able to raise $1bn, but it had to pay a 20bp new issue premium.
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China National Petroleum Corporation is set to unleash a multibillion multi tranche dollar transaction into the market next week, after mammoth transactions from industry peers Sinopec and China National Offshore Oil Corporation (CNOOC) last month.
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Two Latin American pipeline operators clinched tight debut dollar deals this week as the region’s bond market shot back to its pre-Easter form with bumper books.
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Brazilian pulp producer Fibria Celulose (Ba1/BB+/BBB-) will be next to test appetite for lower-rated LatAm credits as it plans a 10 year deal of up to $500m. Bankers are confident that demand for LatAm debt remains strong across the ratings spectrum, with the latest high yield deal from the region – for woodboard firm Masisa – performing strongly in secondary.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality.
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Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
