Goldman Sachs
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E-commerce firm Alibaba Group, which was expected to open books for a jumbo IPO on September 2, has decided to push back bookbuilding by a week. This is bad news for other issuers sitting on the sidelines as they will have to wait slightly longer before they go ahead with their own listings. -
Chinese private equity firm Hony Capital sold a HK$4.095bn ($528m) stake in CSPC Pharmaceutical Group on August 28 by pricing at the bottom of guidance in what was its fourth stake reduction in the company in 16 months.
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Guarantor: German Financial Market Stabilisation Fund (SoFFin)
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Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season.
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The names have emerged of the 16 lenders that have signed up to the $1bn dual tranche loan from mobile phone company Xiaomi ahead of its launch into general syndication next week. Including the three original bookrunners and mandated lead arrangers, the total number of banks at the top level could swell to 20 as one more lender processes its approval.
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Chinese real estate developer Country Garden Holdings is looking to raise HK$3.18bn ($410m) from a one for 15 rights issue that is slated to hit the market in late September.
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The sovereign, supranational and agency sector shot out of its summer snooze on Wednesday, as the first benchmark sized deals in more than three weeks drew bulging books and bankers tipped more mandates to hit screens later in the day. Investors with cash to put to work, a lower level of upcoming SSA supply than the last few years and unexpectedly dovish comments by the European Central Bank president late last week were all contributing to a heavily bid market, said SSA bankers.
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Transurban, a Melbourne based toll road developer and manager, will start a four day roadshow in London and Europe on Monday for a potential euro bond.
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Origin Energy has named Barclays, Goldman Sachs and UBS as lead banks in preparation for a five day roadshow across Europe and Asia for a possible hybrid capital issue.
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China Petroleum & Chemical Corp, or Sinopec, raised HK$3.11bn ($401m) by selling a chunk of its shares in China Gas Holdings on Wednesday night. Despite launching just days after China’s National Development and Reform Commission (NDRC) announced plans to raise gas prices, the deal saw strong interest from investors, allowing the seller to double its proceeds.
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Bankers and investors are casting an increasingly critical eye on aggressive deals scheduled for launch in September, as relentless fund outflows indicate investors might not commit as willingly as they did in the first half of 2014.
