Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆Highest rated FIG bail-in paper in euros ◆ Prices level with Nordic peer ◆ Premium paid
Currency's higher yielding appeal has lured investors across the capital stack
More US banks have used callable format for opco dollar issuance this year
◆ US company aims to issue more frequently in euros ◆ Final book heard at €1.75bn ◆ Favourable relative pricing at seven years
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Bank of America Merrill Lynch built on a strong run in Australian dollars on Wednesday, drawing an oversubscribed order book for a five and a half year print. The strength of demand for the deal — along with other recent deals from FIG issuers in the currency — suggests that appetite from domestic investors for further deals remains robust. -
China Orient Asset Management made a blockbuster return to the dollar market on Wednesday, attracting $10bn in bids for its dual tranche issue. The enthusiastic investor response is a reflection of the progress that China’s toxic asset management sector has made in G3 bond markets since when China Orient brought out the sector’s first offering in September 2013.
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Bank of China (BoC) Taipei Branch and China Construction Bank (CCB) Taipae Branch have each priced Rmb2bn ($325m) multi-tranche Formosa bonds this week, according to three bankers close to the deals. Both banks have previously sold Formosa bonds, but this is the first time they have done so through their Taiwan branches.
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Bank of America Merrill Lynch is set to sell its first Kangaroo print of 2014 on Wednesday, drawing a hefty order book for a dual tranche 5-1/2 year deal. A lack of supply in Australian dollars so far in 2014 — with many issuers favouring euros — has left Australian investors thirsty for supply from international banks.
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China Orient Asset Management is back in the dollar market, offering a dual tranche five year and ten year deal on Tuesday to build out its curve in the currency. The borrower became the first of China’s big four bad debt managers to tap the G3 market when it printed a three year dollar bond in September 2013.
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UBS and Wells Fargo were rewarded for taking to a supply hungry Australian dollar market this week. Both issuers — particularly UBS — are rare names in the currency which, combined with strong name recognition among domestic investors, propelled their trades to success.
