JP Morgan
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Chinese toll road operator and property developer Road King Infrastructure took advantage of investor desire for high yielding paper on Monday, offering a rare perpetual, fixed for life deal that still attracted a book that was more than 15 times subscribed. -
Bankers and investors believe Europe’s election schedule will drive up rates on new high yield bonds and increase the attraction of leveraged loans to issuers — even as Together Financial’s new sterling offering kept the market alive.
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The Japan Bank for International Cooperation (JBIC) announced on Monday that it will sell a possible dual tranche dollar bond on Tuesday. The deal will share the market with a two year from Erste Abwicklungsanstalt (EAA).
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Swiss petrochemicals firm Ineos priced a €4.5bn-equivalent four tranche term facility refinancing at the tight end of guidance on Monday, taking advantage of a leveraged loan market where abundant demand and scarce new paper is grinding down margins and encouraging a wave of refinancings.
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Mars Inc, the US confectionery and pet food firm, is seeking two term loans of $2.5bn each to back its acquisition of animal healthcare company VCA.
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Tunisia returned to euros for the first time since 2005 on Friday but the €800m deal was by no means a blow out and the leads were unable to move pricing as the borrower made a play for new investors.
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Equate Petrochemicals was on track to print its debut sukuk on Monday. Bankers on the deal said it was likely to print inside where a new conventional bond would come.
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The Greater China debt market started the week in full force, with Bank of Communications, ICBC and Road King Infrastructure opening books on Monday.
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Thailand Future Fund is expected to launch the first tranche of its Bt100bn ($2.9bn) IPO in the third quarter of this year, said bankers.
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Future Land Development Holdings’ new three year notes garnered massive investor interest for a $350m capped deal, as Chinese property names benefit from market support.
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