Crédit Agricole
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Coke-based chemicals company China Risun Group has raised HK$1.68bn ($214m) after sealing its Hong Kong IPO just off the bottom of price guidance. -
Chinese home appliance company Midea Group is seeking banks for a $650m loan to refinance its acquisition of Toshiba’s home appliance business from 2016.
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The SSA euro market’s record start to the year shows no signs of slowing down, with bankers confident that the conditions which have helped draw record book after record book are here to stay. That backdrop helped Export Development Canada (EDC) to an excellent debut in the currency, as well as a very strong trade from the veteran European Stability Mechanism (ESM).
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Dollar swap spreads tightened dramatically in the middle of the week — with bankers at a loss to explain why — but the SSA sector was still “rock solid” in one syndicate head’s words, so the currency should be open for business next week. The only two dollar trades this week — a bond market return from CDP Financial and first deal of the year from Erste Abwicklungsanstalt — both went well.
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Financial institutions have been crushing new issue premiums by ratcheting in the pricing on new issues as they look to keep up with an impressive rally in the secondary market in February.
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Chemicals company China Risun Group has kicked off the deal roadshow for its Hong Kong IPO, eyeing proceeds of up to HK$1.9bn ($243.1m).
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The Export-Import Bank of China raised €1bn from a three year bullet on Wednesday, bringing home more cash than expected thanks to overwhelming orders from eager investors.
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Crédit Agricole put out price thoughts for a non-preferred senior bond in the Euroyen market on Wednesday, getting the ball rolling on its third public debt offering in the space of a week.
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Erste Abwicklungsanstalt (EAA)’s decision to forego the price discovery process on its first benchmark of 2019 paid off, as the issuer printed more than its original target for the dollar deal on Tuesday at a level that some SSA bankers away from the deal said may have been slightly through its secondary curve.
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The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.
