JP Morgan

Chinese companies have aggressively expanded into Europe this year, snapping up businesses and expanding their footprint. While loans are still the go-to funding tool and often get the bulk of the refinancing, as this week’s China National Chemical Corp transaction shows, the bridge-to bond route is becoming more popular. Morgan Davis and Addison Gong report.

French media technology firm Technicolor increased its euro term loan offering by €200m to €450m on Wednesday, as Verisure tightened and accelerated the pricing and commitments on its own deal.

State Power Investment Corp (SPIC) fired the starting pistol in Asia’s dollar bond market this week, selling a $1.2bn dual tranche offering on Tuesday. The state-owned enterprise played off its strong name and high rating, and ended up paying little by way of new issue premium, even though the market was volatile.

Asia’s debt capital markets opened with a bang on Wednesday with five issuers fighting for attention. Investors have plenty of choice including a euro deal and a trio of dollar offerings from Chinese FIG and corporate names.

US drugs specialist Catalent Pharma on Tuesday began offering its debut euro bond to investors as it sought funding for its acquisition of peers Pharmatek and Accucaps.

Lanxess, the German chemicals company, issued a €500m hybrid capital bond on Tuesday as it sought financing for its acquisition of Chemtura.

Brazilian steel company Usiminas, which restructured its bank loans and domestic debt in September, has said it will attempt an exchange of its dollar 2018 bonds, which were not part of the restructuring.

The Islamic Development Bank is marketing a sukuk, the second Islamic bond in two weeks. The deal is expected to be priced on Wednesday.

Global Financial Markets Association (GFMA) announced a series of management changes on Monday US time, including the appointment of a new chief executive officer.

State Power Investment Corp (SPIC) kicked off this week's Asia bond market, opening books to a dual-tranche offering on Tuesday morning Asia time.

DNA, one of Finland’s largest telecommunications companies, has revised the price range for its Helsinki IPO to the lower middle end of its initial range, having gathered a book two thirds made up of foreign investors.

Whether PDVSA bondholders choose to believe JP Morgan’s EM research team, or if they agree with the Venezuelan company’s CEO that the US bank is an “enemy of the fatherland”, they cannot have had a particularly reassuring run-up to Thanksgiving, after the borrower’s coupon payments went missing. Oliver West reports.