HSBC
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Switzerland’s CEVA Logistics has appointed banks to arrange $1bn of bank financing, as the company looks to clean up its capital structure by repaying bank debt and buying back bonds. -
Vietnamese conglomerate Vingroup Joint Stock Company has closed an oversubscribed $400m five year loan to support its automobile business.
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CNCB (Hong Kong) Investment, a subsidiary of China’s Citic Group, has started wooing banks to its $500m debut loan.
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Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels.
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After three sterling bonds this week from the eurozone, the cross-border issuance in the currency reached its highest ever year-to-date level, according to Dealogic.
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The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.
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The Nordic Investment Bank was able to ratchet in pricing to the lowest five year spread for several years as it fed a dollar market starved of supply.
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UK healthcare property company Assura extended the recent run of sterling corporate bond issuance on Thursday when its debut deal became the third trade issued in the currency in as many days.
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Agile Group Holdings printed a smaller-than-expected $200m bond on Wednesday, struggling to source demand in spite of a generous yield, raising questions about the timing of the transaction.
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The Bank of England has clarified how it will set hurdle rates for banks in its 2018 stress test, featuring systemic risk buffers for the first time and changing the way in which Pillar 2 requirements are calculated through the duration of the exercise.
