Citi
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The senior unsecured market started with a bang on Monday, despite the European market softening late on Friday.
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Azerbaijan started execution on its first ever benchmark bond on Monday morning, ending a six day drought for CEEMEA supply. -
Shinhan Bank is to commence a series of investor meetings on Thursday. Bankers say that a 144A/Reg S transaction may follow.
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A botched attempt to sell all of its holdings in Hana Financial Group on March 5 did not put Korean Exchange Bank off for long, as the lender revisited the equity market a day later. But instead of coming with another public transaction, KEB took home W178bn ($166m) via a private placement.
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Maoye International Holdings, a Chinese investment company with interests in retail and property, is looking to make its debut issuance in the offshore renminbi market.
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Chinese property developer Sunshine 100 Holdings raised HK$2bn ($258m) on March 7 having priced at the bottom of its indicative price range even though the anchor orders already covered books.
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Citi’s Mexican arm Banamex missed out on a rating upgrade from Moody’s after having to revise its 2013 results downwards as the result of fraudulently filed invoices under an account receivable programme for oil services company Oceanografia.
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Bank and finance names enjoyed a rapturous response from investors who this week poured dollars into high grade deals.
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Promsyvazbank (PSB) postponed its tier two dollar bond on Monday because of growing tension between Russian and Ukraine, but the borrower has every intention of returning to market once conditions improve. The Republic of Azerbaijan, meanwhile, has pushed on with investor meetings although it will likely face higher spreads for its inaugural dollar sale unless the situation is resolved soon.
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Nationwide Building Society’s sterling additional tier one trade attracted what bankers on the deal said was the largest order book ever for a sterling trade from a financial organisation. The success of the trade — the first sterling AT1 — and it’s unique structure could open up the market for a variety of different issuers, according to bankers on the deal.
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Adira Dinamika Multi Finance launched its $200m facility to the market last Friday, pricing the deal at 175bp over dollar Libor — and managing to save 5bp over its previous loan.
