Credit Suisse
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As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were in the market on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.
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Titanium, fluoroproducts and chemical solutions business Chemours sold $2.5bn of senior unsecured notes on Tuesday, proceeds of which will go to its parent, DuPont, in the form of a dividend. -
German airline Deutsche Lufthansa has held an investor call for its postponed hybrid capital bond issue, after making a €133m operating loss in the first quarter of 2015, smaller than a year ago.
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Poland's mBank has mandated Commerzbank, Credit Suisse, HSBC and JP Morgan to arrange a bond, with investor meetings starting early next week.
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Leveraged finance bankers at a recent industry event were upbeat about the scope for a pick-up in Asia cross-border M&A, which they see revitalising the flaccid leveraged finance activity so far this year. However, there is a debate over whether Asian banks are any closer to offering the looser terms available in Europe and the US.
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Wasion Group Holdings, a maker of utility distribution devices, has raised HK$734.40m ($94.76m) in a top-up placement and sale of secondary stock, locking in gains from the rally that gripped Hong Kong’s stock market since last month.
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A sell-off in European government bonds this week has public sector bond bankers hoping that investors may soon be tempted to buy public sector new issues in euros in greater size.
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Kudelski, a Swiss digital security firm and crossover credit, attracted strong demand from local retail investors for its second bond issue on Wednesday.
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Bank of Ireland paid a decent 3bp-4bp new issue premium for its seven year covered bond on Tuesday. Despite that, it was the issuer’s least subscribed deal since 2012.
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Local and foreign investors alike swooned over the MR2.74bn ($770.92m) IPO of Malakoff Corp, as the Malaysian power producer ends a drought in large sized offerings out of the country since the middle of last year.
