HSBC
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Europe's investment grade corporate bond pipeline swelled even more on Thursday, though the primary market stayed silent, as HJ Heinz announced a roadshow to prepare funding for its merger with Kraft. -
United Biscuits has returned to the leveraged loan market, seeking a repricing of around £960m-equivalent of debt, raised in December to back its buyout by Yildiz Holding, the Turkish foods group.
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National Bank of Abu Dhabi on Wednesday printed its $750m tier one perpetual with coupon of 5.25%, the lowest ever for this kind of deal from the CEEMEA region. The feat was even more impressive for being printed on a day when Credit Suisse had its 10 year bond pulled because of market volatility.
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Oi, the Brazilian telecoms company, is seeking to issue a €500m high yield bond, and buy back four old euro bonds.
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HSBC will be hoping that Asia is not about to suffer any extended financial stress as it is basing its growth strategy on the region for the next three years. But its plan to reallocate a large chunk of risk weighted assets (RWA) to Asia from poor performing areas raises questions over whether the opportunity in the region is big enough to support the investment, write Lorraine Cushnie and Mark Baker.
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Hyundai Heavy Industries Co printed a $221.6m zero coupon exchangeable bond on June 10, ending a near two-year drought in new supply of such bonds from the country. The deal prompted a huge response, igniting debate about whether the gate has been flung open for Korea’s equity-linked market, writes John Loh.
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African Export-Import Bank might enlarge its loan, having received around $1bn of commitments.
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Bad debt manager China Great Wall Asset Management Corp has started receiving bids for a three year offering on June 11 and is looking to hook investors with an attractive initial price guidance.
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CMA CGM, the French shipping group, raised €175m on Tuesday by tapping its €550m senior unsecured bond, sold on Wednesday last week, when it abandoned a planned dollar tranche.
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National Bank of Abu Dhabi set price thoughts on its first ever international subordinated bond at 5.375% on Wednesday morning. Debt bankers away from the trade doubted the issuer could make a sub-5% finish.
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Public sector bond markets are under threat from violent price moves and low liquidity for months to come, warned SSA bankers, after government bonds sold off sharply on Wednesday.
