JP Morgan
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Cheil Industries, the de facto holding company of South Korean conglomerate Samsung Group, started pre-deal investor education for its W1.52tr ($1.4bn) IPO on Monday, November 3, with bookbuilding set to begin at the end of the month. -
China Oil and Gas Group launched a $300m-capped bond on November 3 as the company seeks a return to the debt market following a near 20-month absence.
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Samsung SDS has priced its W1.2tr ($1.1bn) IPO at the top of the range with books heavily oversubscribed at close. The success of the trade has paved the way for the next big South Korean listing — that of Cheil Industries, which said on October 31 that it is looking to raise W1.52tr.
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China Construction Bank International (Holdings) is in the market for a $100m three year loan with one mandated lead arranger and bookrunner.
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Mongolian Mining Corp is preparing to tap the ECM market via a rights issue of HK$1.567bn ($202m), as the Hong Kong-listed group looks to shore up its liquidity while ensuring that its existing shareholders are not diluted.
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German property firm TLG Immobilien successfully placed €360m of its shares on the Frankfurt Stock Exchange on 23 October, in that week’s only IPO in Europe.
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Investors have successfully pushed pricing wider on three leveraged loan deals that are closing this week, with RAC, a well liked credit, the latest to flex for investors.
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Slovenia this week became the latest sovereign to be tempted into pre-funding by the low yields on offer, following deals from Lithuania and Romania last week. The issuer priced a long seven year bond that marks the lowest coupon on any of its outstanding medium to long term euro benchmarks.
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Bank of Nova Scotia (BNS) priced its third euro benchmark of the year, and its fourth covered bond benchmark across all currencies, on Tuesday. The deal took advantage of space created by robust Eurosystem central bank demand at the short end. And responding to reverse enquiry, the issuer also priced a £250m three year floater.
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The US investment grade corporate bond market barely blinked this week when the US Federal Reserve called time on quantitative easing. Companies hit the market ahead of what is expected to be a bumper November for new issuance.
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The $500m five year, non-callable senior bond Jaguar Land Rover sold on Tuesday began trading up at 100.75, gathering investor interest in a market environment that “is only now becoming more stable”, said the company’s treasurer.
