HSBC
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The southeast Asian high yield market saw some long overdue activity this week, with Indonesia’s Sri Rejeki Isman raising $350m from a liability management exercise. With volatility and low commodities prices forcing high yield issuers from the region to stay away from the market this year, Sritex’s success has now flung open the door to new issuance, writes Narae Kim. -
Majorca-based travel services operator Hotelbeds has released price guidance on its €490m cov-lite seven year term loan ‘B’ following bank meetings on Tuesday in London.
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Political turmoil has stopped from Croatia printing its planned euro Reg S issue, having completed a two day roadshow for the deal on Tuesday.
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Investors piled over $4bn into Republic of Turkey’s latest sukuk offering on Wednesday, following a cabinet reshuffle on May 22 which the market took as a positive signal amid the increasingly authoritarian rule of president Recep Tayyip Erdogan.
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French car hire firm Europcar Group on Tuesday sold a €125m tap of its 2022 bond in a high yield market that is longing for more single-B issuance.
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Defence systems group Meggitt has completed a $600m private placement with a group of 23 investors from the US.
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US insurer AIG, one of the major players in the subprime mortgage crisis, has been welcomed back to the euro bond market for the first time since its rescue.
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Kuwaiti petrochemicals firm Equate is taking its time to refinance $6bn of loans, with bankers blaming the tight pricing and deal size for the slow progress of the self-arranged transaction.
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Republic of Turkey is looking to take its next chunk of funding in the Islamic market, just days after President Erdogan called for Muslims to reject contraception to ensure the continued growth of the Turkish population.
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Corporate bond new issuance in Europe has eased off the accelerator, with market participants talking of oversupply in recent weeks. But two events on the horizon are exerting an influence: the Brexit referendum on June 23 and the European Central Bank’s expected start of its Corporate Sector Purchase Programme.
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HSBC has appointed Andre Cronje as chief operating officer of global banking and markets, the bank's investment banking and trading division. Cronje had previously been COO of UBS Investment Bank.
