JP Morgan
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Bond issuers in Asia are rushing out to meet investors with Beijing Energy Investment Holding (BEIH), China Overseas Land International and Shanghai Construction Group on the road. -
CVC Partners on Tuesday offered a €1bn two tranche bond, which will fund its acquisition of German cosmetics retailer Douglas Holding from Advent International.
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A trio of investment grade names launched new deals on Tuesday as Asian bond bankers were bolstered by hopes that Greece's latest budget proposals would stave off a debt default and lead to a deal with creditors later this week. But they believe the market is still volatile and as a result only strong high grade names will be able to get deals done.
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Japan’s Nippon Paper Industries raised HK$930.7m ($120m) by selling its entire shareholding in Lee & Man Paper Manufacturing on the evening of June 22, in a deal that was multiple times covered and led to many investors receiving just token allocations.
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The Republic of Kazakhstan has hired Citi and JP Morgan, which both led its last bond, to arrange a dollar Reg S/144A bond. Investor meetings for the note start on Wednesday.
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Lifestyle International Holdings broke the lull in the dollar bond market on June 19, raising $300m from an order book that was three times covered. Bankers on the deal say they wanted to avoid the cramped pipeline expected in the week of June 22 and hailed this deal as giving confidence to other dollar issuers which had been staying away due to high volatility.
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Export-Import Bank of Korea (Kexim) has mandated seven banks to work on its return to the dollar bond market which could be as early as this week.
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Lifestyle International Holdings is out with what will be the first outing to the international bond market in almost three years.
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High grade borrowers are set to pull the trigger on a slew of refinancings and M&A deals after the Federal Reserve took a big step closer to its first interest rate rise since 2006 following the conclusion of a two day meeting in Washington on June 17.
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Comments from US Federal Reserve chair Janet Yellen this week have fuelled expectations of a rate rise this year — but dollars should remain more attractive for issuance than euros.
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TI Automotive, the UK car parts maker being bought by Bain Capital, rushed from Monday’s London bank meeting to New York to build support for a €1.07bn-equivalent acquisition loan. Bonds will follow later.
