Goldman Sachs
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Hong Kong's AIA Group and China's Baidu reopened the Asian bond market this week, proving that investors are still willing to commit to the right credits ─ as long as they come at the right price. Morgan Davis reports. -
GS names new equity syndicate head — HSBC promotes two in MENAT — Hennebry steps up at Santander — Together hires Harrison
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The high yield bond leg of the rescue package for cruise company Carnival is flying off the shelves in the dollar market, leading the company to increase it from $3bn to $4bn, cut pricing, and drop the planned euro tranche entirely — but the equity capital raising is proving tougher and has been shrunk by $500m.
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Extraordinary times call for extraordinary capital markets activity. The North American corporate bond market funded a staggering record $194bn of investment grade issues in March while Europe has also been busy — shaking up the league tables and yielding a surprise windfall for the very largest investment banks.
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Hong Kong's AIA Group has reopened Asia’s bond market for other quality credits by selling a $1bn deal that offered a generous new issue premium to attract investors.
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Emerging market bonds are trying to catch the same bid that has gripped investment grade markets, particularly in the US. Now, Latin America borrowers are scavenging once more for chances to print new issues.
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The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.
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Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.
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The dollar bond market is gradually opening up, with two high quality public sector borrowers hitting screens on Monday for short dated deals. But with volatility still gripping the cross-currency basis swap market, European borrowers are still sticking to their home currency.
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Goldman Sachs has hired a senior banker from Morgan Stanley to be its new head of equity syndicate, GlobalCapital understands.
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Mainland-based Kangji Medical Holdings is seeking approval to list in Hong Kong. It has filed an IPO application with the city’s bourse.
