Deutsche Bank
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Train manufacturer China CNR Corp priced its $1.13bn Hong Kong IPO close to the bottom of its indicative price range on May 16, a transaction that saw vastly different outcomes for its institutional and retail tranches. -
Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.
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Public sector issuers that ventured into dollars this week were inundated with demand, allowing them to bring a series of oversubscribed deals in the short to medium part of the curve. Others are tipped to follow if conditions are stable next week — after a stormy afternoon of trading across credit markets on Thursday.
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Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.
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Bond investors are expecting Mexican construction company Empresas ICA to receive a strong response for a planned new bond after the company posted improved first quarter results.
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Sovereigns stole the limelight in the euro market this week with Italy and Spain printing blowouts, but the focus will shift to the European Financial Stability Facility next week. The rescue agency sent out requests for proposals on Wednesday ahead of a benchmark deal for which it has the whole length of the curve open to it, according to syndicate bankers.
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Bahrain-based alternative asset manager Investcorp made its Swiss franc debut on Thursday afternoon, increasing the size of a five year deal in response to strong demand from retail investors drawn in by a juicy coupon.
