Goldman Sachs
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Chinese tech giant Tencent Holdings raised $6bn from a four-tranche transaction on Wednesday. The deal, which attracted some $36bn of orders at its peak, proved that global investors are not being scared away from Chinese credits, despite the geopolitical risks clouding the country. Morgan Davis reports. -
Chinese streaming platform Bilibili returned to the equity-linked market on Thursday, kicking off bookbuilding for a $650m convertible bond, according to a source familiar with the matter.
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Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve.
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Kotak Mahindra Bank is set to raise Rp74.4bn ($983.7m) from an issue of fresh equity, after a strong turnout from institutional investors pushed pricing to the top of the range, according to a banker on the deal.
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The New Development Bank is looking to take advantage of the strong demand in dollars by bringing its long-awaited inaugural trade in the currency as part of its response to the coronavirus pandemic.
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Bank of East Asia (BEA) sold the first Basel III compliant tier two dollar bond in Asia since the global outbreak of Covid-19. It raised $600m on the back of a book that was more than 8.5 times oversubscribed at its peak.
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Pfizer was at its opportunistic best this week as it issued $4bn of notes that included the lowest ever coupon on a corporate five year bond.
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A supranational and a Nordic bank paid rare visits to the Swiss franc market this week. The North American Development Bank (NADB) printed its first deal in two years — its second green bond — while Nordea returned after a five year absence.
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New York Stock Exchange-listed online gaming company Sea tapped equity-linked bond investors for $1bn this week, following a surge in its share price after it reported strong first quarter earnings.
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Italy’s Ferrari in euros and the UK’s Southern Water Services in sterling won strong demand for new bonds on Wednesday, but the slowdown in issuance has got some syndicate officials wondering if the market is already winding down for summer.
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Chinese property borrowers are back in the bond market, following the success of Zhenro Properties Groups’ $200m deal last week. But Tuesday’s issuers — Country Garden Holdings Co and Redco Properties Group — saw two different outcomes, as they grappled with an illiquid secondary market and difficult pricing levels.
