Credit Suisse

The benchmark US Treasury 10 year yield moved through the 3% level this week, creating what some say was unnecessary panic in the market. That was clearly reflected in the dollar bond issuance in Asia, with some borrowers ploughing ahead with well-received 10 year transactions and others ditching the tenor altogether. Addison Gong reports.

Credit Suisse’s Asia Pacific unit reported first quarter results that were markedly better than last year as the bank’s struggling markets business turned around and cost cutting bore fruit.

McGraw-Hill Global Education has obtained a payment in kind (PIK) term loan from funds advised by Guggenheim Partners and Ares to help refinance its 2019 PIK toggle notes, five months after it pulled a PIK toggle bond aimed at achieving the same goal.

More than €3.5bn of high yield bond deals in euros, sterling and dollars were scheduled to close this week. Although some bankers described the pipeline as “crowded”, they expected market digestion to be ‘healthy’ ahead of quieter times.

Sok Marketler, the Turkish discount grocer, has set the range on its Istanbul IPO, valuing it at Tl6.9bn (1.7bn) to Tl8.3bn ($2.05bn).

Leads set price ranges in two African IPOs this week, which are coming to market against a backdrop of rising investor interest in Africa.

A repricing in the Indonesian high yield dollar bond market on Monday took a toll on property company Bumi Serpong Damai (BSD), which had to navigate numerous hurdles to push a $250m deal over the finish line.

Credit Suisse has added a senior banker from Morgan Stanley to the ranks of its Greater China technology, media and telecom investment banking team.

Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.

BOC Aviation, Metallurgical Corporation of China (MCC) and Bumi Serpong Damai were the first out of the gates on Monday morning with their new bond deals, as the Asian debt market prepares for an onslaught of supply.

CEVA Logistics, the Swiss freight management and contract logistics company, has set the range on its IPO, valuing it at Sfr1.5bn to Sfr1.8bn. It has also secured a cornerstone investment from shipping company CMA-CGM.

Credit Suisse has picked Allan Chu as its new head of technology, media and telecom for Greater China, according to sources.