HSBC
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Financiera Independencia, a Mexican microfinance company, is looking to raise $200m of new five year bonds to buy back existing bonds as investors complain about the lack of supply in the Mexican high yield sector.
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Shanghai Pudong Development Bank made its debut in international bond markets on Thursday with an Rmb1bn ($162m) bond. With strong anchor orders building a solid foundation and good orderbook momentum, dealers were able to tighten pricing by 27bp. -
Country Garden Holdings Company made a long awaited return to the bond market this week. The borrower is the first issuer from the Chinese property sector since April 29 and while it priced a successful deal, bankers say the health of Chinese property credits is still question.
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Guotai Junan Securities priced its first international bond on Thursday, using a SBLC from Bank of China Sydney to get investors comfortable with its credit.
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After Volkswagen tapped the short end of the sterling market for a £300m 4.5 year early last week, Daimler followed suit on Friday May 9. Then on Tuesday this week FCE Bank, the UK-based finance arm of Ford, visited the same market.
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Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.
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Paccar, the US company that makes Kenworth, Peterbilt and DAF trucks, made one of its regular, but infrequent trips to the euro bond market on Monday.
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Motor Oil priced a €350m five year bond on Thursday, placing most of it with international investors, reflecting the export-driven company’s desire to be seen as an international business.
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Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.
