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International investors take most of the book for the first time as Zabłocki's investment firm says it expects to make no further sales
Despite rough market conditions and angst over rates, array of deals have been well taken
It is difficult to see issuance conditions growing much better in the foreseeable future
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The Swedish cosmetics company Oriflame is attempting to charm high yield investors with a €775m bond — but left lead Goldman Sachs is also pitching the issue to emerging market-focused accounts, highlighting the company's extensive business in Asia and Turkey. The founding family of the firm will use the bond to refinance bridge facilities which funded their buyout of the company earlier this year. -
Slava Slavinskiy is joining Mizuho International as head of investment banking for Europe, the Middle East and Africa.
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Mexico showed that even trickier credit stories could take advantage of the borrower-friendly rates environment, surprising many with a $3bn liability management exercise just two weeks after finance minister Carlos Urzúa resigned.
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Industrial and Commercial Bank of China tapped the sterling market through its London branch on Wednesday to become the first Chinese bank to sell a senior benchmark bond in the currency. Demand was driven by an anchor investor, with the lead managers increasing the size of deal to satisfy as many orders as possible.
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Air Baltic, an airline 80% owned by the Latvian government, printed its €200m five year non-call three debut bond on Tuesday from an order book of €300m.
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Turkey’s bonds have put up an incredible display of resilience to geopolitical shocks so far, but investors fear that an aggressive cut to the main policy rate will cause inflation to return and puncture confidence in the country’s economy.
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