JP Morgan
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Eli Lilly, the US pharmaceuticals company, made its euro bond debut on Tuesday, printing seven, 11 and 15 year notes and proving that the market is still open for longer dated paper — at a price. -
Massimo Zanetti Beverage Group, the Italian coffee company, looks set to price its IPO at the bottom end of the price range. The last official message on the book came at 1.15pm London time on Thursday May 28, saying guidance was €11.60, the bottom of the original range.
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BSN Medical, the German bandage maker, has won a strong response to its new term loan 'C', and has decided to cut pricing on both that and a pre-existing term loan 'B'.
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Online travel booking group Expedia made its euro bond debut on Thursday, a seven year deal that will be used to help fund its acquisition of rival company Orbitz.
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The Republic of Ukraine issued a $1bn five year USAID-backed deal on Tuesday that was met with delight by holders of the country’s existing debt. The deal and ongoing support from the US is invaluable to the country, they said.
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Cinven is supporting its acquisition of Labco with a backstop facility from JP Morgan that will back the transaction until it finalises a long term capital structure.
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The Republic of Korea has mandated two banks for a credit update with bond investors in London next week.
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Air Liquide, the French producer of industrial gases, returned to the bond market on Wednesday after a one year absence. It had a strong order book for a no-grow trade, allowing the leads to tighten well from initial price thoughts and price with a minimal premium.
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Asia’s first perpetual convertible bond issue in five years gave the market something to talk about when Shui On Land sold a novel $225m 7.5% deal last week. The success of the print, coupled with the shortage of new offerings, could see more perpetual CBs follow suit, writes John Loh.
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HTSC pulled in a staggering $60bn of gross demand for its HK$34.72bn ($4.48bn) IPO in Hong Kong, giving the Chinese brokerage and securities house claim over the world’s second largest listing so far this year.
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RCI Banque, the finance arm of Renault, raised €750m with a seven year bond on Wednesday. While some away from the deal thought the size was ambitious, the bond traded well in secondary.
