Goldman Sachs
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Dollar regular KT Corporation launched a dual tranche bond on Monday after getting a solid response from investors during its recent roadshow. Although it is the third time that the Korean telecommunications company is selling a dual tranche deal, the new issue will be its first to comprise fixed rate notes. -
Bank of East Asia is returning to dollar market for the first time since October 2011 with a three year bond that launched on Monday. The issue has been met with a positive response despite a softer market.
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Giant Investment pushed the play button on its fundraising this week, launching an $850m loan on Wednesday to back the going-private of New York-listed online game developer Giant Interactive. The deal will shine a light on the comfort level of lenders for gaming credits — and if all goes well it is likely to set a precedent for other names to follow, writes Rashmi Kumar.
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Nigeria's Zenith Bank opened books on a debut dollar bond on Thursday morning, with a yield that was at the upper end of investors requests, said a banker on the deal.
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Suhyup Bank, Korea Land and Housing and Japan's Mizuho Bank have launched new deals.
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Investors turned up in hordes to take advantage of Oil India’s $1bn debut bond, placing orders of over $8bn for the dual tranche offering. Diversification was a key driver of demand for the credit, which offered a much needed alternative to the surplus of Chinese property bonds.
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Sinopec Group Overseas Development smashed records for Chinese state-owned industrials with a $5bn five tranche bond that ranks as the largest dollar deal in Asia for over 10 years, the largest bond from the country’s SOE sector and as well as the first to include floating rate notes. And it managed to price through its curve at each maturity.
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Sinopec Group Overseas Development has launched another jumbo bond into the dollar market, issuing up to five tranches, just six months after raising $2.75bn last October.
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Capital raising by Japanese banks has burst into life over the past week as the first two lenders to raise Basel III debt made their tier two debuts. And thanks to Japan's favourable point of non-viability (PONV) regime, the pair managed to secure blink-and-you’ll-miss-it premiums over legacy bonds.
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Sumitomo Mitsui Financial Group printed the second US dollar Basel III tier two offering from a Japanese bank on Wednesday night. With most of the price discovery carried out by its predecessor Mizuho, the issuer was able to execute the deal in a brisk fashion.
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Bond and equity activity slumped in the first quarter of this year with both posting double digit falls in trade volume. However there are some bright spots with offshore renminbi activity reaching a record and technology stocks in vogue.
