Deutsche Bank
-
The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers. -
On Thursday, tobacco company Philip Morris sold a $2bn triple-tranche bond deal. On Friday, it was in Europe selling a €1bn dual-tranche transaction, taking advantage of the demand for longer tenors.
-
Chinese property giant China Vanke Co has priced a 10 year deal around fair value, taking $1bn out of the market. The company made the most of a strong name recognition and some rarity value, making just its third issue in the offshore bond market.
-
Public sector borrowers are preparing a flood of dollar issuance, said bankers, after a week with just one benchmark in the currency. The lack of deals this week was down to several factors, including the anticipated naming of a new US Federal Reserve chair on Thursday.
-
Dollar corporate bond supply kicked off November on a quiet note after the the Federal Reserve’s two day meeting kept borrowers on the sidelines following a frantic start to the week when spreads continued to tighten and cash poured into the high-grade market.
-
-
On Thursday night the French government sold a 4.7% stake in Renault, the car maker, via an accelerated bookbuild that was priced without any discount, thanks largely to its removal of an overhang. The stock leapt on Friday.
-
Shares in HelloFresh, the German meal kit delivery company, rose 4.3% on Thursday when they began trading on the Frankfurt Stock Exchange, after its IPO was priced at the bottom of the revised range.
-
Several Chinese borrowers have hit the loan market for two year money in recent months, in contrast to more established firms from the mainland which are pushing out tenors on their borrowings. While typically banks and borrowers prefer to lock in longer-term loans, for some the nature of the business and the lenders’ unfamiliarity with the company necessitates a shorter life to mitigate risks.
-
State-owned China Minmetals Corporation on Wednesday rolled out a dollar-denominated perpetual bond, raising $1bn from the deal. The company was able to price at a tight level, especially when its low step-up is taken into account.
-
Property giant China Vanke Co and HNA Group Co came to the market on Thursday with dollar bonds, taking vastly different approaches. Vanke opted for a tenor of 10 years, but HNA kept it ultra-short.
-
NGA UK, the provider of human resources software, launched a €300m loan on Wednesday, which it will be hoping appeals to CLO managers that have been eager for new money deals.
