Deutsche Bank
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China’s Bank of Communications (BoCom) has followed its landmark offshore tier two dollar bond with a €500m offering a day later. BoCom is the first Chinese bank to issue Basel III debt without the use of an offshore subsidiary. -
Beijing Jingneng Clean Energy Company raised HK$1.3bn ($168m) from a private placement of shares on Thursday night, in a deal sold to just 10 investors after a wall-crossing process that lasted two days.
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Huatai Securities made its inaugural dollar issue on Thursday, September 25, selling a $400m credit enhanced five year bond. Despite less than ideal market conditions, the borrower’s decision to follow in the footsteps of other Chinese financial names that have debuted with a standby letter of credit (SBLC) backed structure helped it to gain a strong following.
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The expected wave of merger and acquisition financings broke on the US corporate bond market this week, as Roche and Sysco made triumphant returns while Suntory Holdings issued its first US bond.
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Yankee heavyweights ING and Santander rounded off a stellar month for US financials issuance with trades that pushed supply beyond $70bn.
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Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand – a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.
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French reinsurer Scor ended a long hiatus from the euro market on Thursday, selling a perpetual subordinated deal to a warm reception. The deal stood in contrast to one from Dutch insurer ASR Nederland earlier in the week, which struggled despite juicy pricing.
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Delachaux has finalised pricing on all three tranches of its €690m-equivalent seven year term loan ‘B', effectively tightening it, while revising its incurrence conditions on leverage.
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Polish synthetic rubber firm Synthos made a strong debut on Wednesday with a €350m seven year non-call four debut offering. Rarity of supply from both the sector and from Poland buoyed investor support for the deal which offered a pick-up over the usual state and state-owned corporate deals from the country.
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Dollar demand for sovereign, supranational and agency names made its first signs of slowing this week, as one benchmark fell short of full subscription and other deals, while still oversubscribed, showed signs of demand being less exuberant than in the first weeks after the summer break.
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UK pub group Enterprise Inns has announced today a 5.75% minimum yield on a new issue of nine year secured bonds that it plans to price on Tuesday, as part of a liability management exercise.
