JP Morgan
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Saudi Arabia’s National Commercial Bank (NCB), the largest financial institution in the kingdom, has mandated banks to arrange a tier one dollar sukuk. The deal may act as a prelude to a potential bond sale by the sovereign, which bankers say could happen as early as this week. -
Kuaishou Technology, a video-sharing and social media platform, has begun drumming up interest among investors for a multi-billion-dollar Hong Kong IPO.
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Chinese companies were undeterred from selling bonds last Friday, usually a quiet day of the week for deal flow, with four borrowers raising funds.
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Royal Bank of Canada priced its first bond issue of the year as Yankee borrowers made the most of good funding conditions in the run-up to US bank earnings season.
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Innovent Biologics and Man Wah Holdings raised a combined HK$7.1bn ($916.3m) in fresh equity on Thursday night.
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PTT Oil and Retail Business has set the price guidance for its long-awaited IPO. It is aiming to raise up to Bt46.98bn ($1.57bn) from the country’s largest listing in a year.
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The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.
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A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.
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In a dramatic and unprecedented turn of events on Wednesday, Spain went from being on track to attract the biggest ever order book for a bond issue to losing more than half of its orders, as it slashed the spread of its new 10 year syndicated bond, leaving either a negative or very skinny new issue premium.
