Goldman Sachs
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The anchoring of European CLOs by Japanese investors, one of which has been claiming the senior notes on most euro CLOs issued in 2019, is likely to continue until at least mid-April, despite the year end for Japanese banks at the end of March, which often slows the market. ICG is the latest manager to launch an issue, with Goldman leading the deal.
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South Korea’s Homeplus real estate investment trust (Reit) is planning to start bookbuilding for its $1.5bn IPO on February 28, after seeing a decent response from investors, according to a source. -
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One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.
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The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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The US corporate new issuance calendar took a breather on Thursday after clocking up its busiest week of the year with $30bn of supply in just three days. Borrowers remained on the sidelines as investors digested the supply onslaught that brought bulging order books and tight pricing.
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CStone Pharmaceuticals has launched Hong Kong’s first biotechnology IPO of the year — and bankers are watching it closely. The up to HK$2.38bn ($304m) deal has received a strong early response, a good sign for the growing pipeline of biotech issuers hoping to put a difficult 2018 behind them. Jonathan Breen reports.
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One of the most covered aspects of the bond market by more mainstream media in recent months has been the value of triple-B rated corporate debt due to mature in coming years and what problems that might cause in the event of an economic downturn. However, this has prompted investors to start to quell any fears of these risks.
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Korea Development Bank has raised $1bn from a dual-tranche bond that came inside its secondary curve, as investors flocked to high quality, investment grade rated credits.
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A strong start to the year for public sector dollar issuance is keeping up the pace so far this week, with last week’s slowdown during the Chinese New Year holidays only appearing to make investors hungrier. Both of Tuesday’s dollar deals were well oversubscribed — one spectacularly so — and there is a full card of issuers waiting to come on Wednesday.
