HSBC
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Bank of Communications Finance Leasing is meeting investors in the UK and Asia starting on Monday next week. -
China Citic Bank International printed the first US dollar Basel III tier one bond from an Asian issuer on Thursday night. The bond was met with boisterous demand in the secondary market although bankers had tightened substantially on the back of a very strong orderbook.
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Australian mining and materials company Arrium completed its last leg of roadshows in Singapore this week, as it seeks a $600m loan to refinance existing debt.
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Korea Resources Corporation will be meeting with investors for a potential dollar issue as the fundraising season kicks off again for industrial names.
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A quiet first quarter of FIG issuance from Latin America has drawn the region’s banks into a bond market that has delivered tightly priced bonds, said bankers. Santander Chile and Brazil’s BNDES benefited this week, with BNDES’s deal of particular encouragement to other Brazilian bank issuers, according to DCM bankers in the country.
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The fastest book build one syndicate banker has ever seen helped Endesa Chile to a first international bond in nearly two decades on Thursday as a universal tightening in LatAm credit entices borrowers from the region into the market at a rapid rate.
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Latin American issuers have been piling into the euro-denominated bond markets in unprecedented volumes this year, with Pemex the latest to take advantage of euro investors’ need for diversification and yield.
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Icade, the French listed property company partly owned by Caisse des Depots et Consignations, returned to the bond market on Wednesday with a €500m no-grow seven year bond that was five times oversubscribed.
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Greece vanquished fears that its return to the capital markets on Thursday could be a Trojan horse full of fast money, with a deal that attracted a majority of real money investors and more than 90% international participation. Around 600 accounts filled an over €20bn book in just one hour, causing one lead manager to declare the deal a “gold rush”.
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While the focus in euros this week may have been on Greece’s blowout return to the capital markets, two other issuers were able to sell successful trades of their own. The European Financial Stability Facility and Unédic breezed through seven year trades, though syndicate bankers worry that a quiet patch lies ahead with few agencies keen to issue.
