JP Morgan
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Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition. -
India’s Housing Development Finance Corp (HDFC) sold a privately placed offshore rupee bond this week, giving an inkling of hope to what has been a lacklustre market.
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Babytree Group and Tongcheng-Elong Holdings both got their Hong Kong IPOs past the finish line this week, as equity markets globally continue to get battered by volatility.
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Chinese property developer Country Garden Holdings has pocketed HK$7.83bn ($1bn) after using a call spread for a concurrent new issue and buy-back of existing convertible bonds — a popular structure in the US but groundbreaking for Hong Kong. Jonathan Breen reports.
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US medical technology company Stryker is still looking to bring its debut euro transaction following its recent roadshow, but is waiting for market conditions to improve before pushing its triple-tranche offering into the market.
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Online travel agent Tongcheng-Elong Holdings has raised HK$1.41bn ($180m) from its Hong Kong IPO. The leads on the deal had to spend time convincing a number of anchor investors to stay in the transaction given the state of the market.
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Atlantica Yield, the UK-based energy yieldco that was formerly Abengoa Yield, abandoned a $300m eight year high yield bond issue on Tuesday, as yields in the market reached their highest for over two years.
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A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.
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The dollar bond market was brought to a standstill on Thursday, capping a tough week that saw around 15 borrowers abandon funding plans due to volatility.
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Japanese pharmaceuticals company Takeda implemented the first part of its financing of a £46bn takeover of UK biotech firm Shire on Thursday. The company used a six tranche combination to raise €7.5bn on its debut in the euro market.
