HSBC
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KGI International Holdings, the offshore holding company of Taiwan’s KGI Securities, has closed its loan at an increased size of $150m, thanks to domestic Taiwanese lenders taking up a large chunk of the lower level of the deal. -
Nan Fung International Holdings printed its first bond in the dollar market since September 2012 on Thursday. A small deal size and agile timing drove pricing for the investment grade Hong Kong developer’s 10 year issue deep inside its existing curve.
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Pertamina priced the largest single tranche 30 year dollar bond from an Asian corporate issuer in the earlier hours of Friday morning. Despite not announcing the deal until 2:30pm HKT the day before, books built well and investor appetite for Indonesian credits drove pricing through the issuer’s existing curve.
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The mandated lead arranger and bookrunner group for Philippine shopping mall operator SM Prime Holdings’ $300m fundraising has expanded with seven banks now at the top level.
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GDF Suez launched its second modern-style hybrid capital issue on Thursday in a successful €2bn transaction that contrasted with the rocky execution of its first issue in July 2013. The deal showed the corporate credit market bouncing back vigorously after five days of weak trading.
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European Investment Bank and Export Development Canada showed their Australian dollar appeal this week, selling hefty deals in the belly of the curve. Japanese demand propelled the EIB to success, allowing the issuer to sell its largest Kangaroo deal in three years.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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Two Mexican financial institutions are meeting the buy-side ahead of the potential dollar issues as the country’s issuers continue to enjoy optimum issuance conditions thanks to strong bond markets and the reform agenda driving popularity with investors.
