Deutsche Bank
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Maybank timed its first Basel III tier two outing in dollars well, netting $500m last Friday. Despite the turmoil surrounding the country, the Malaysian lender was encouraged by the strong performance of the sovereign’s sukuk to come out to the market in the same week. -
BOC Aviation has begun investor education for its $2bn IPO in Hong Kong, with pre-marketing expected to continue into the early part of next week, said a source close to the transaction.
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PQ Corp, the US inorganic chemicals producer, and Inovyn, the UK-headquartered chorvinyls producer — both partly owned by Ineos, the petrochemicals company — are marketing over $2bn of refinancing debt over the coming days.
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Deutsche Bank was left holding 12% of Elis’s stock, worth €225m, after a block trade on the evening of Thursday April 14 that failed to clear.
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A 10 year deal from JP Morgan on Friday showed US banks are finding more opportunities for Swiss franc funding than their European peers.
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Ping An Real Estate Capital, a subsidiary of Ping An Insurance Group, has received enough commitments to increase the size of its $200m loan, said sources.
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A pair of investment grade issuers, Maybank and JD.com, ventured into the dollar bond market on Friday albeit with quite different trades.
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Argentina fever has gripped financial markets after the sovereign’s record breaking return to international bond markets this week, with sub-sovereigns likely to be the first to take advantage of the clamour for bonds.
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European Central Bank president Mario Draghi kept his powder dry at his latest monetary policy meeting on Thursday, sending eurozone government bond yields higher — something that is likely to be welcomed in the offices of the European Stability Mechanism.
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The European IPO market’s busy spring season received further encouragement this week, when its second and third major deals, for Forterra and Mediawan, were both completed — though Forterra’s was priced at the bottom of the range and edged down in trading.
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Books were several times oversubscribed and new issue premiums often dropped to zero this week, ahead of an ECB move that was widely expected — but everybody is aware that market backlashes do happen.
