Deutsche Bank
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The dollar bond market was brought to a standstill on Thursday, capping a tough week that saw around 15 borrowers abandon funding plans due to volatility. -
After Volkswagen (VW) printed the biggest corporate bond trade in its history the previous week, Volkswagen International Finance sold a six tranche dual-currency deal on Monday. While pricing on the dollar clips was commended by market participants, there were fewer compliments about the euro tranches, writes Nigel Owen.
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Cement maker Semen Indonesia has mandated five banks for a $1.282bn bridge loan to support its acquisition of the local unit of Swiss firm LafargeHolcim.
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Industrial Bank Co’s Hong Kong branch has priced a dual-currency green bond, offering a pick-up of around 10bp over recent prints from China’s big four lenders.
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Just over 100 days since Ivan Duque took office as Colombia’s president, the South American country has appointed a new head of public credit and national treasury.
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World Bank hit both the euro and dollar markets on Tuesday for its first syndicated green bond in over three years. Onlooking bankers were surprised by the level of demand for the euro tranche given what they claimed was aggressive pricing.
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Russian giant Gazprom and Ukrainian oil and gas firm Naftogaz, who have been locking horns in court, both chose Tuesday to release price guidance for new Eurobonds. The Gazprom deal will be the first public international bond from a Russian issuer since the US sanctions that shook the market in April. The Naftogaz bond is its first since 2009.
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After Volkswagen printed the biggest trade in its history the previous week, the company’s International Finance arm sold a six tranche dual-currency deal on Monday. In total, the company raised more than €14bn equivalent in a week.
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The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.
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The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end.
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Qiagen, the Dutch biotechnology company, has returned to the equity-linked market to sell a six year senior unsecured convertible bond with a similar call spread structure to one it sold in September 2017.
