HSBC
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First Gulf Bank (FGB), the third largest bank by assets in the UAE, is out with its first dollar bond since 2013. Leads talked the five year bond at 100bp-105bp over mid-swaps on Tuesday morning. -
OCI NV, the Amsterdam-listed Egyptian construction, fertilisers and chemicals group, has announced details of its plan to demerge its construction business, in a deal that could help revive Middle Eastern equity capital markets activity, which has been flagging this year since the collapse of the oil price.
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UK ventilation supplier Volution has raised a £90m four year revolving credit facility with three banks.
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Korea Hydro & Nuclear Power (KHNP), a subsidiary of Korea Electric Power Corporation (Kepco), has mandated four banks to prepare its return to the offshore debt market which could come as early as in April.
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Baoshan Iron and Steel (Baosteel) was the latest in a string of Chinese issuers to tap the euro bond market when it priced a €500m three year note on Friday. The deal followed transactions by China State Shipbuilding and China Construction Bank.
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French oil company Total SA has mandated banks for a multi-tranche euro hybrid bond deal, after the drop in oil prices last year put the credit ratings of oil companies under pressure.
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AusNet Services, the Australian electricity and gas distributor, issued a €560m 12 year bond on Friday, raising precisely the sum it wanted to swap into Australian dollars. The bond was priced close to the issuer's curve.
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Spanish civil and engineering company Grupo Actividades de Construcción y Servicios announced a €2.4bn five year loan today with a syndicate of 43 banks. The deal took three months to complete, which is unusual in the Spanish market, where deals usually take three weeks, said one Spanish banker.
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Italian electricity company Enel refinanced a €9.4bn credit facility on Thursday and reduced the margin on the loan from 190bp to 80bp over Euribor.
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Telecommunication tower provider Solusi Tunas Pratama (STP) raised $300m from a five year non-call three bond on February 12, in what was the second international bond from the sector in less than 10 days.
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Impressively tight pricing for a triple-C credit and an adjustment to the terms of the bond made it clear that investors this week buying the City of Buenos Aires’ international bond issue are betting on a change to a more market-friendly government in Argentina.
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