JP Morgan
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China Three Gorges Corp is set to make its debut in the green debt market with a euro offering, and is gauging investor appetite with a week-long roadshow. -
Mainland banks continue to be active in the floating rate bond market, with China Merchants Bank Co looking to sell its inaugural dollar FRN on Monday.
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Hong Kong’s FWD Group and Chinese leasing firm Far East Horizon are wooing investors for their respective perpetual deals, while Tunghsu Group Co is gauging interest for its debut international bond.
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The Republic of Côte d’Ivoire’s plans to issue the first euro denominated trade from sub-Saharan Africa is dividing the market. Some see the trade as a sensible move to fund in the country’s “natural currency” while others argue that the trade could be a warning sign that we are reaching the top of the bull run.
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There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared.
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Barclays has sold more than half its stake in Barclays Africa, its separately listed South African subsidiary formerly known as Absa Bank, through a huge R37.7bn ($2.9bn) block trade on Wednesday night that was covered in 45 minutes.
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KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.
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The Irish government has fired the starting gun for the IPO of Allied Irish Banks (AIB), a potential €3bn deal, even though this means it will be in the market right through the UK general election, writes Aidan Gregory.
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Public sector borrowers are aiming for the short end of the dollar curve, as swap spreads in the area hover around the spot in which they started 2017, having dropped sharply from the year’s highs hit in March.
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The long-awaited re-privatisation of Allied Irish Banks has begun at last, after the Irish government decided to press ahead with the IPO, which could raise about €3bn, in a sign of confidence in Ireland's economic recovery and the European IPO market.
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Ivory Coast is using the strong investor bid for sub-Saharan Africa to fund in euros, to which its currency is pegged, and to reduce its dollar liabilities with a buyback. The deal is the latest example of borrowers from the region making smart use of the larger box of funding tools now available to them.
