Credit Suisse
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Hong Kong headquartered international schools operator Nord Anglia Education will price its $304m US IPO in the middle of the range, ahead of a growing pipeline of Asian deals looking to list in New York. -
Indonesian conglomerate CT Corp signed its $1.275bn fundraising on Friday, March 20, a deal that saw a group of 19 banks piling in during syndication.
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A $450m loan for Ethiopian Railways Corp, launched into global general syndication on March 25, is quickly gathering interest from banks across Asia.
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Syngenta, the Swiss agricultural chemicals group, followed yesterday's €750m euro bond hit with a Swiss franc deal today, storming through a triple tranche syndication on Tuesday afternoon.
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Dealogic figures for the first quarter show IPO revenues booming, up 61% from last year, but overall investment banking fees dwindling to $15.5bn, down 18% on the year, as DCM, loans and M&A all fell short of last year.
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One of Italy’s more troubled financial institutions, Banca Monte dei Paschi di Siena, will sell a senior unsecured bond to screaming demand, in yet another illustration of how hunger for yield is not so much opening the door to market access to previously questionable credits; it is rolling out the red carpet and hosting a champagne reception in their honour.
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Asia ex Japan’s second largest IPO of 2014 overcame a multitude of obstacles as Harbin Bank raised HK$8.67bn ($1.1bn) on March 25. As expected, though, the float priced close to the bottom of its indicative price range.
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Chinese online marketplace provider 58.com launched a follow on deal in the US on Monday night, which could be worth up to $370m when it prices on Thursday.
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Nasdaq-listed China Mobile Games and Entertaintment (CMGE) raised $82.6m by selling new American Depositary Shares on March 20.
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Investors should expect a rush of aggressively priced deals from SSA issuers in the coming weeks, according to syndicate bankers. Borrowers emboldened by a strong new issue market are considered likely to throw caution to the wind and turn their eye to securing very attractive levels in lieu of large sizes.
