JP Morgan
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A tricky secondary market was unable to derail the new issue pipeline in senior this week, with new deals selling well even as their predecessors underperformed.
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The State Oil Company of the Azerbaijan Republic (Socar) printed a twice subscribed $750m bond on Wednesday, becoming the first oil company from CEEMEA to access the bond since the dramatic fall in the oil price since the end of last year.
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Play Finance has increased the size of its secured 2019s by €125m to €725m.
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The State Oil Company of the Azerbaijan Republic (Socar) printed a $750m bond on Wednesday, a lower size than the market was expecting.
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Malaysia’s state owned oil and gas company Petroliam Nasional (Petronas) broke records this week when it priced the largest G3 bond from a southeast Asian corporate. Choosing aggressive pricing over a bigger size, the issuer opted to settle for raising $5bn with the four tranche deal, lower than the expected size of $6bn-$7bn, writes Narae Kim. -
Armenia has mandated the same three banks for a new issue and buyback offer as it used for its debut in 2013.
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Hutchison Port, Central American Bank for Economic Integration and ICBCIL opened books for their respective bonds on Thursday, March 12, in what is looking to be a busy end of the week for the Asian debt capital markets.
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Dutch insurer NN Group enjoyed a favourable reception for its debut senior print on Wednesday, shaking off any concerns about a weaker secondary market to attract a comfortable oversubscription.
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Investors are seeing good value in the long dated tranches of a landmark $7bn four tranche bond and sukuk deal from Malaysia’s state oil and gas company Petroliam Nasional (Petronas), which opened books on Wednesday morning. If the issuer gets the trade away at its target size, the deal will be the second largest in dollars from Asia ex Japan.
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Malaysia’s state oil company Petroliam Nasional (Petronas) has started taking orders for a four tranche dollar deal split between a five year sukuk alongside seven, 10 and 30 year conventional bonds. An investor said he was expecting a total size of $6bn-$7bn, making the deal potentially the second biggest G3 bond in Asia ex Japan after Alibaba's $8bn deal last year.
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Flowserve, the industrial engineering company based in Irving, Texas, issued a €500m seven year bond on Tuesday.
