Goldman Sachs
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Property companies in Greater China raised more than $6bn from the bond market this week, sparking fears of indigestion. -
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Second lien loan structures are substituting in for unsecured high yield issues, as a strong bid from direct lending funds pushes prices for the product tighter. Despite wariness from many banks about the product, Goldman Sachs has been seen actively competing with private debt funds to offer second lien finance, adding to the product’s advantages for sponsors.
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CStone Pharmaceuticals will list Hong Kong’s first biotech IPO of 2019 next week, getting things moving with a deal that bankers said is a sign of a maturing market after 2018's rush of deals.
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South Korean discount store chain Homeplus Stores is set to cash in on its properties as it readies a mammoth IPO for Homeplus Real Estate Investment Trust. The listing is being flagged by bankers on and off the deal as the spark needed to bring life to a languishing Korean Reit market. Jonathan Breen reports.
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Chinese high yield borrowers have come to the market in droves this week. That continued on Wednesday, when three deals raised a total of $1.275bn.
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Egypt’s triple tranche $4bn bond drew a huge book of over $19.5bn on Tuesday in a deal that bankers away from the mandate said was a huge success, underscoring the phenomenal market conditions available to issuers.
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Cyprus printed a first 15 year benchmark on Tuesday, pushing out its curve and receiving orders of over €8bn. Despite the strong demand, the borrower elected to keep the size of the deal to €1bn, despite leads announcing on Tuesday morning that the size would be up to €1.5bn.
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KfW returned to the euro market with a one day tap, joining France and Cyprus in the market and extending the its stellar run of new issues in euros.
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The Arab Republic of Egypt has released initial price guidance for its triple tranche bond at levels that have caught investors’ attention. A large deal is expected.
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Yuzhou Properties Co sold its third dollar bond deal of the year this week, bringing its total issuance for 2019 to $1.5bn.
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The Republic of Cyprus has come to market for a euro Reg S benchmark, looking to follow up on its record breaking effort in late 2018 and extend its curve from 10 to 15 years.
