Credit Suisse
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A trio of rare dollar issuers took to the short end of the curve this week, supplying investors at a point that has been starved of new deals this year. The Kingdom of Denmark drew the strongest response, beating out even the Bank of England in terms of demand and pricing at the same level.
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Virgin Media, the UK cable TV, mobile and fixed line telephone and internet group, has announced its first bond issue since the financing for its takeover by US cable investment group Liberty Global in February 2013. The deal is set to be the largest sterling high yield issue of 2014 so far.
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Energie Baden-Württemberg launched a very successful hybrid capital issue on Tuesday, raising €1bn to bolster the subordinated layer of its capital structure at blisteringly tight pricing, thanks to perfect timing after a drought of issuance.
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Ceva Logistics, the Dutch freight business owned by Apollo Management, wants to refinance its debt with new bonds and loans. -
Double-A borrowers dominated FIG issuance in Swiss francs this week, with a bevy of well respected names making welcome returns to the currency. Royal Bank of Canada, Rabobank and Nordea were all able to surpass their minimum targets with deals in the belly of the curve.
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Virgin Media, the UK cable TV, mobile and fixed line telephone and internet group, has announced its first bond issue since the financing for its takeover by US cable investment group Liberty Global in February 2013.
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A group of 15 banks are tipped to win the mandate for the new loan for agricultural products supplier Olam International, which is expected to be launched at a size of $1.2bn.
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A steep discount in valuation was not enough for auto-dealer Sunfonda Group Holdings to push through its HK$683m ($88m) IPO. The Xi’an-based company has delayed the proposed float, which was due to price on March 6, citing difficult market conditions.
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Royal Bank of Canada added to a strong week for FIG issuance in Swiss francs on Wednesday, drawing strong demand for a new five year line despite plenty of competing supply earlier in the week.
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LatAm syndicate bankers say they believe this week’s three deals from financial issuers is a sign of more supply to come from the sector as Brazil’s Banco Daycoval received such strong demand that it printed $500m having originally been intending to sell a below benchmark size deal.
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Chinese provincial lender Harbin Bank started the premarketing process for a $1bn Hong Kong IPO on Thursday, just days after JP Morgan pulled out of the deal.
