HSBC
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A scheme to accelerate bond new issues in Europe should be coming to market in 2015. For the first time, investors will be able to submit orders directly into the system investment banks use to coordinate new issues.
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Financial institutions will be forced to pay sky high premiums to print tier two before the summer, as they balance regulatory demands for more loss absorbing capital against an unfriendly primary market, writes Tom Porter. -
Sunrise Medical, a German wheelchair maker, is holding a bank meeting on Friday to market a €315m acquisition loan. Like many leveraged finance borrowers this year, it has pre-placed the second lien.
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Amid the torrent of market moving signals from Greece this week came four FIG deals, all of which were the successful results of drive-by dealmaking.
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Turkey has opened the gates for its second stream of annual bank refinancings, just as the year’s first wave is ending, with Akbank back in the market for a loan.
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Korea National Oil Corp (KNOC) has mandated six banks to prepare for the first outing to the offshore debt market this year. Although nothing has been decided on the upcoming notes, the borrower is expected to return before November 2015, when its existing bond comes up for maturity.
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All eyes were on Bank of China’s landmark four-currency deal on June 24, which was divided into 10 tranches in dollars, euro, Singapore dollars and offshore renminbi (CNH). It became the first bond ever issued in support of China’s plans to extend its global influence under the "One Belt, One Road" (OBOR) policy, but its success doesn’t necessarily mean there will be more, reports Narae Kim.
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New issue premiums of between 20bp-40bp have helped recent FIG borrowers mitigate large intra-day pricing moves as the market reacts to the torrent of mixed signals from Greece.
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The Mongolian sovereign has issued its debut dim sum bond — the first from a non-Chinese Asian sovereign — raking in Rmb1bn ($161.1m) from a three year offering. The move saw strong support from the issuer’s Chinese neighbours and ended up becoming the largest high yield issue in the offshore renminbi market so far this year.
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China Life Insurance Company opened books on June 25 for the country’s first core tier two subordinated notes under the sector’s new regulations. The firm is launching the trade at a time when markets are still digesting news of the absence of a deal with Greece on its debt repayment.
