Citi
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US listed Chinese social media company YY is back in the market with convertible bond after pulling a deal towards the end of last year, as it failed to attract enough investor interest. -
Maoye International Holdings, a Chinese investment company with interests in retail and property, announced initial guidance for its debut offering in the offshore renminbi market on Monday.
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Chinese technology company Baioo Family Interative has started premarketing this week for its Hong Kong listing, which could be worth up to $250m, according to a banker close to the deal.
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LatAm syndicate bankers say they believe this week’s three deals from financial issuers are a sign of more supply to come from the sector as Brazil’s Banco Daycoval received such strong demand that it printed $500m on Wednesday having originally intended to sell a bond of less than benchmark size.
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Indian travel website MakeMyTrip priced a $126m follow-on on March 13 in a transaction that was enlarged by 22%.
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ANZ became the first Australian bank to print an offshore Basel III-compliant bond when it priced an $800m tier two bullet this week.
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The Republic of Azerbaijan brought its long awaited debut bond to the market this week. The country launched a successful $1.25bn 10 year transaction and showed that some issuers in the CEE region have remained largely immune to rising tensions between Russia and Ukraine. But bankers are unsure whether this will still be the case after a Crimean referendum at the weekend.
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More emerging market issuers could look to the Kangaroo market in the near future as they attempt to replicate the success of National Bank of Abu Dhabi’s second deal in the format. The trade, sold Wednesday, appealed to yield-hungry Australian investors.
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Printing $8.5bn, Petrobras did not break EM issuance records this year, and the state-owned Brazilian oil company paid a larger new issue premium than it is used to. But LatAm bond bankers said that the hefty amount the company raised towards its big investment programme was success enough given the negative sentiment surrounding Brazil.
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Italy’s first syndicated inflation-linked bond in nearly three years this week could help Spain enter the linker market for the first time, SSA bankers said this week.
