Deutsche Bank
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Total, the French oil company rated Aa1/AA-, launched its first benchmark euro bond of the year on Tuesday, after a $2.5bn issue in January.
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Gulf Keystone Petroleum has picked Deutsche Bank and Pareto Securities to arrange a RegS/144A three year transaction of up to $250m. The deal could mark only the second Iraqi or Kurdistan new Eurobond issue since the start of the 2003 war. -
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Australian RMBS arrears are at historically low levels, and Deutsche Bank analysts are expecting another robust year for supply and credit performance from the sector. But swap costs are stopping European markets benefiting from new Australian issuance.
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OdigeO, the Spanish online travel agent operator, has been valued at between €975m and €1.2bn after the pricing range for the shares offered through its IPO was set at €9.25 and €11.50.
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Abengoa, the Spanish engineering and renewable power group, wants to issue €400m of seven year senior notes on Friday to prefund a 2015 bond maturity.
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Indian travel website MakeMyTrip priced a $126m follow-on on March 13, in a transaction that was enlarged by 22%.
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Maoye International Holdings did not manage to price its debut dim sum bond this week despite leaving books open for four days. Bankers away from the trade suggest that one of the reasons the deal failed was because it didn’t secure an anchor account, raising questions about the reliance on these investors in high yield offshore renminbi bonds, writes Virginia Furness.
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All eyes were on Harbin Bank this week after the Chinese lender started receiving bids for its HK$10.1bn ($1.3bn) listing on March 19. The bank has had a bumpy ride in the run-up to the launch, and it is also being impaired by regulatory constraints and lacklustre investor appetite, write Clare Hammond and Rev Hui.
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Lloyds Bank has completed the non-US portion of its exchange of tier two capital instruments for CRD IV-compliant additional tier one, and succeeded in increasing the capital-raising.
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Chinese company Giant Investment, which is taking private online game developer Giant Interactive, has picked a group of seven banks to provide it with $850m to fund the leveraged buyout.
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Cabot Financial, the UK distressed consumer debt collector, is marketing its third high yield bond. The Gbp175m of senior secured seven year notes will replace a bridge loan signed to finance Cabot’s takeover of peer Marlin Financial Group.
