Deutsche Bank
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The Socialist Republic of Vietnam is back in bond market after a four year break and is hoping investors will agree to swap out of a costlier deal issued back in 2005.
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Analysts covering Peruvian debt expect hefty demand for cement company Unión Andina de Cementos’ (Unacem) planned benchmark size seven year non-call four deal, saying initial price thoughts offer an attractive pick-up to a longer duration but better-rated bond from fellow Peruvian Cementos Pacasmayo.
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Bond investors scrambled to get a slice of China Hongqiao Group’s second dollar trade of the year with books ending up a massive 17x subscribed on October 27. Despite the red hot reception, the company was sensible enough not to push too hard on pricing in order to ensure that secondary performance was tip top. -
Grand City Properties, the German housing company registered in Luxembourg, has achieved a high hit rate for its bond tender offer.
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Fresenius Medical Care priced its $900m senior unsecured high yield issue in the 144A market on Friday October 24.
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The Vietnamese sovereign has revived its plans for a sovereign bond, mandating the same banks that took it on roadshows back in April 2013 for a new series of investor meetings, with a 144a/Reg S transaction now looking closer than ever.
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Korea Expressway Corporation, China Travel Service (CTS) and Tewoo Group are all out in the market with new dollar bonds. The Korean government related issuer (GRI) was last seen in April this year and adds to a relatively busy month for Korean issuers. CTS, on the other hand, has not been in the market since 1996.
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Aluminium manufacturer China Hongqiao Group is tapping the offshore debt market for funding once again, opening books for a dollar bond on October 27, just four months after making its debut.
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Swiss franc investors snapped up a long dated Quebec issue this week following a shift in demand toward 10 year paper.
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SAP, the German software firm, closed syndication of the €7bn bridge facility for its $8.3bn acquisition of US expenses software firm Concur at the end of last week. It was the latest in a series of deals to obtain the participation of all the invited banks, fueling expectations that upcoming deals will also be popular.
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A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.
