Deutsche Bank
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Participants in the high yield market expect at least two to three years of low defaults and favourable economic momentum, according to polls conducted during Deutsche Bank’s 18th annual European Leveraged Finance Conference in London last week. -
Bank of America Merrill Lynch is set to price a blowout dual tranche senior euro bond on Monday afternoon, offering what bankers away from the deal see as healthy new issue premiums and adding to a busy year so far for US issuers in euros.
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Finland’s Pohjola Bank is set to return to the Swiss franc market after a three year absence on Monday, with the issuer’s rarity in the currency allowing it to double its minimum size ambitions as investors flocked to buy the seven year paper.
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Jinmao Investments and Jinmao (China) Investments Holdings, a business trust carved out of Hong Kong listed Franshion properties, started bookbuilding for its HK$3.39bn ($437m) IPO on June 16 and is offering prospective investors yields as high as 9%.
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China Hongqiao Group is looking to make its international bond debut with a proposed Reg S dollar issue.
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Property developer Yida China Holdings launched bookbuilding for its HK$1.68bn ($217m) IPO on June 16 as it aims to start trading on the Hong Kong Stock Exchange by the end of the month.
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Air India has landed on the loan market for a $408m one year bridge via two mandated lead arrangers and bookrunners, as the state-owned company looks to add more aircraft to its fleet.
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Four more banks have signed up to Giant Interactive’s $850m five year leveraged buyout loan, taking total commitments to $260m.
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German motorway services company Tank & Rast has cut 50bp from the margins of all tranches of a €1.45bn loan, seven months after the deal was signed.
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The European Financial Stability Facility enjoyed ideal market conditions to print long three year debt this week, with the order book swelling to over twice subscribed despite the issuer offering only the skinniest of new issue premiums.
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Ryanair’s first bond issue was always likely to be a hit in the current buoyant markets, but the runaway success of Tuesday’s €850m sale still left lead managers delighted.
