Deutsche Bank
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Deutsche Bank has set the terms for the IPO of its asset management division DWS after securing a sizable anchor commitment from Nippon Life, the biggest life insurance company in Japan. -
The Philippines’ Rizal Commercial Banking Corp (RCBC) found tepid investor demand for its dollar transaction on Thursday, but managed to raise $300m from the bond.
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The low rates in Europe are making the euro high yield market an attractive option for US issuers like Belden, a St Louis-based manufacturer of telecoms equipment, which is launching a new euro bond to buy back old deals in euros and dollars. More US issuers are coming to euros, say bankers and investors.
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Demand for speculative grade debt took different directions in the European leveraged finance markets this week. The primary high yield bond market may be showing signs of investor stress, but leveraged loan investors are gulping down big deals at tight margins.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.
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The pipeline for euro-denominated African bonds is beginning to bulge, with Cote d’Ivoire announcing plans to follow Senegal to the market this week and Tunisia and Egypt preparing their own deals. But, as Virginia Furness reports, while large euro books show there is strong appetite for speculative grade supply, and is opening up a new funding channel for EM borrowers, the cost of funding in the currency versus dollars is unlikely to improve.
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Dar Al Arkan Real Estate Development Company has mandated eight banks to arrange a dollar benchmark five year sukuk.
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Chinese video streaming platform Bilibili filed a prospectus with the US market regulator this week, eyeing up to $400m from an IPO of American Depository Shares (ADS).
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Cote d’Ivoire will be hoping to capitalise on the success of Senegal’s debut euro deal earlier this week as it looks to bring its second bond in that currency.
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The European Investment Bank printed a €5bn 10 year benchmark on Wednesday — the second largest deal of the year from a non-sovereign SSA issuer — dispelling any lingering concerns over the market’s reaction to the Italian election result.
