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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
The company is by far the most prolific issuer of hybrids in the Gulf
As thrilling as last week's Reverse Yankee-led corporate bond fest in Europe may have been, it did not confirm the market has matured to its magnificent final form
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A lacklustre year for equity capital markets suddenly grew more interesting on Monday, when Bayer announced the details of a $62bn bid for Monsanto. It got still more interesting on Tuesday, when the US agribusiness group rejected the offer as “incomplete and financially inadequate”.
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Monsanto has rejected Bayer’s all-cash bid of a $62bn enterprise value as “incomplete and financially inadequate”, but left the door open to an improved offer.
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Bayer could be preparing to issue one of the five biggest rights issues ever, and the largest by a non-bank company, as part of the financing for its $62bn bid for Monsanto, the US agricultural chemicals and bio-engineering business. -
Idiosyncratic risk in the European corporate hybrid bond sector has caused new issuance to stall and credit spreads to rise.
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The Singapore dollar bond market has been dominated by financial and corporate subordinated debt in recent weeks with transactions worth S$2.64bn ($1.9bn) sold since the start of May. While the swap driven nature of the demand means issuance will be patchy, bankers believe this trend could run for some time, writes Rev Hui.
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Canada’s Manulife Financial Corp and Singapore’s Mapletree Logistics Trust have added their names to the growing list of issuers accessing the Singapore dollar market for subordinated debt. And thanks to the comeback of private banks in the country, more issuers — both foreign and local — are expected to follow suit, reckon syndicate bankers.
