Credit Suisse
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Middle East-focused oil trader BB Energy has launched a $125m one year refinancing loan into syndication. -
Spanish lender Bankinter is set to continue a run of successful trades from the eurozone’s periphery on Tuesday afternoon, surprising market sources with the scale of demand for five year paper at what some see as a punchy price.
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Malaysian conglomerate Boustead Holdings started taking orders for its MR1.05bn ($327m) spin-off of its plantations business on May 27 with international investors only offered 4.4% of the Boustead Plantations (BPB) IPO.
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Following a failed attempt to list on the Nasdaq two years ago, China Auto Rental (CAR) is looking to go public once again. But instead of trying to tap the US for funding, the Beijing-based company is now driving for a Hong Kong listing having filed its application to the city’s regulator on May 22.
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It has been slow going but Giant Interactive’s $850m five year leveraged buyout financing is gaining traction in general syndication with commitments from three Taiwanese lenders, one of which has joined at the highest ticket level.
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No company issued a Eurodollar bond from August 2013 until this month, but since Nestlé’s $650m deal on May 7, two other well rated companies have followed suit.
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Nan Fung International Holdings printed its first bond in the dollar market since September 2012 on Thursday. A small deal size and agile timing drove pricing for the investment grade Hong Kong developer’s 10 year issue deep inside its existing curve.
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Ecopetrol’s corporate finance head expressed delight to GlobalCapital after the oil company timed it right to sell the longest ever bond from a Colombian borrower. Further evidence of the benign conditions for Latin American issuers came with a blow-out for Mexico’s ICA as bankers debated whether the bond market rally is nearing its peak.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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Two Mexican financial institutions are meeting the buy-side ahead of the potential dollar issues as the country’s issuers continue to enjoy optimum issuance conditions thanks to strong bond markets and the reform agenda driving popularity with investors.
