JP Morgan

Loan lenders have been running between bank meetings this week as leveraged borrowers push the asset class into the market as close to Christmas as they can.

Ethiopia has launched its debut offering at 6.625% after circulating initial price thoughts of 6.75% area on Thursday morning. Bankers say the starting point was generous based on the current trading levels of other African sovereigns.

Malaysian conglomerate MMC Corp is relisting its power arm, Malakoff Corp, in an IPO that could fetch over $1bn. The deal sets the stage for a showdown between two jumbo Malaysian listings of energy companies in the first half of 2015.

Chinese property developers are making the most of the bullish sentiment following China’s recent interest rate cut, with Logan Property Holdings and Yuzhou Properties Company pricing bonds this week.

Indian high yield names have been some of the most sought-after credits this year as investor sentiment picked up following the election of pro-reform prime minister Narendra Modi. But that winning streak appears to have come to an end, at least temporarily, after Reliance Communications (RComm) and Lodha Developers pulled the plug on their deals this week, writes Narae Kim.

Another rash of block trades appeared in the European market this evening, though not as many as yesterday’s seven. The crop of four deals was led by a trade of €350m in Belgian nappy maker Ontex, where private equity groups TPG and Goldman Sachs are selling down after its IPO in June.

Investor sentiment appears to have turned against India credits if the fate of two deals this week is anything to go by. Having extended its bookbuilding period there is still no sign of the debut from Reliance Communications while Lodha Developers is also giving investors more time to consider its trade.

China’s largest nuclear power producer, CGN Power, has priced its IPO at the top of its range to raise HK$24.5bn ($3.2bn), thanks to overwhelming demand from institutional and retail investors. But final allocations have proved a challenge, with some bankers complaining about the lack of transparency.

After many days in which bankers have wondered why more sellers were not bringing block trades to what are very strong equities markets, today a burst of deals hit the screens.

Goldcar, the Spanish car hire provider, set price guidance for a €275m 5.5 year term loan ‘B’ at a bank meeting on Monday, to back its buyout by InvestIndustrial.

Heavy demand for Unitymedia's €785m bond issue on Tuesday turned it into a €1bn and $550m offer that still left some investors wanting more.

India’s largest residential property company Lodha Developers is in the market for its debut offshore bond, having started receiving orders on December 2.