JP Morgan
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Three Chinese issuers went out to woo investors on Monday to get ahead of a potential boom in bond supply after announcements from the US Federal Reserve and Bank of Japan last week. -
China Merchants Securities Co has kicked off bookbuilding for a HK$11.4bn ($1.5bn) IPO, over half of which has been propped up with cornerstone investors. Meanwhile, peer-to-peer lender Lufax has hired a quartet to lead its $5bn float.
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The blaze of equity block trades on Thursday night was well received, with important deals completed for CaixaBank and in shares of Veolia Environnement and Scout24.
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A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned.
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A trio of banks tapped the dollar market either side of the Fed meeting to lock in cheap financing in anticipation of tighter issuance windows in the coming weeks.
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CaixaBank, the Barcelona-based retail bank, has launched a €1.3bn accelerated bookbuild this evening to sell a 9.9% stake in itself, as part of its move to take over Banco BPI of Portugal. The deal is one of four block trades in the European market this evening.
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French non-performing loan servicing firm MCS Groupe printed its €200m five year floating rate note at 5.75% over Euribor on Wednesday. The deal received a boost in trading on Thursday as the market welcomed the Fed’s decision to hold interest rates.
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Nets, the Nordic digital payments processor, fell on its first day of trading in Copenhagen, after completing a Dkr15.75bn ($2.4bn) IPO that won very strong demand and was priced highly.
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Russian Railways (RZD) is weighing up the first rouble Eurobond for several years as low global yields boost support for rouble denominated debt.
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Postal Savings Bank of China (PSBC) made waves in the market this week, bringing its HK$57.6bn ($7.4bn) IPO in Hong Kong to a close as a third of investors were zeroed from the world’s biggest float in two years.
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Ubisoft, the French computer games publisher, raised €400m on Wednesday in a highly successful convertible bond issue that was the first capital markets deal in its stock since 2010.
