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Investors were eager to tender their bonds despite initial resistance
Banker had been with Dutch lender for just over a year
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Deutsche Bank has made three senior hires to its coverage teams for China and Australia. -
Equity capital markets participants are predicting the return of exchangeable bonds as a way for large corporates to sell crossholdings or subsidiaries to raise funds without offering the big discounts to investors that come with a block trade. Two deals this week highlighted the importance of the product, a €538m deal by French utility Engie, selling shares in Gaztransport Et Technigaz (GTT) and bonds exchangeable into its shares, and a $1.64bn financing package sold by Adnoc, selling shares and exchangeable bonds in subsidiary Adnoc Distribution.
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Mamoura Diversified Global Holding sold a dual tranche dollar bond featuring a Formosa tranche on Thursday. Formosa bonds have been gaining traction among Middle East issuers as they seek to tap into Asian investor demand.
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In a rare international bond issue from Pakistan, state-owned Water and Power Development Authority has issued the country's first responsible investment-labelled bond. It was also Wapda's debut dollar bond.
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In this round-up, China’s banking and insurance regulator sets rules on the sale of wealth management products, and Goldman Sachs is finding fresh opportunities in the Mainland through a tie-up with its largest lender.
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Geely Automobile Holdings’ 80%-owned Genius Auto Finance is returning to China’s onshore market with a Rmb4.5bn ($705m) ABS next week, three months after getting away with an aggressive pricing for its first transaction of 2021.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
