JP Morgan
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Malaysia’s Malakoff may set aside 60%-70% of its MR2.74bn ($744.16m) IPO for cornerstone investors as foreign funds shy away from the local stock market. -
Swiss company Holcim has shed its entire stake in Siam City Cement to net Bt22.15bn ($679m), via a bookbuilding process that went on from the evening of March 26 (Thursday) until the weekend as key investors took their time placing their orders. In the end though 90% of the shares went to Jardine Cycle & Carriage, which was eager to get its hands on the Thai stock.
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Standard Chartered has successfully sold its first AT1 bond though a less investor-friendly structure meant it was forced to pay up compared to a recent deal from rival HSBC. But investors were undeterred as the bond managed to attract a $22bn order book – the largest ever for a single tranche AT1 bond, say bankers.
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HSBC's additional tier one bond, sold this week, included a feature that helps insulate issuers from secondary market volatility, and which bankers say is destined to become broadly used in the asset class, writes Graham Bippart.
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A €275m loan backing the sale of E.ON's Spanish and Portuguese assets is still in the leveraged finance market, after passing an initial March 20 deadline for commitments without the book being closed.
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Agence France Locale scored a strong success with its debut bond this week, as investors lapped up a rare opportunity to buy core eurozone paper with a healthy spread.
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Two Russian banks announced tender offers this week — Tinkoff Credit Systems and Russian Standard Bank.
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German automotive supplier Schaeffler AG on Thursday announced a €1.5bn-equivalent dual currency three tranche bond issue, designed to opportunistically refinance high coupon debt.
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The additional tier one market took on another entrant on Thursday with the launch of Standard Chartered’s debut, which brought in a book size reminiscent of the halcyon days of the asset class in late 2013 and early 2014.
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Export-Import Bank of India (India Exim) priced a landmark transaction this week, raising $500m from the country’s first dollar-denominated green bond. With strong government support and more companies looking to issue, the green initiative is expected to blossom in India, writes Rev Hui.
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TPG-backed AGS targets $217m – IndiGo to soar for $500m IPO
