JP Morgan
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The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.
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China's Alibaba Group has thrown open its long awaited $21.13bn New York IPO, with a deal that is likely to be not only the biggest US listing ever but could also break the record for the biggest IPO globally. -
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Santander and UniCredit reopened the door to the additional tier one market this week only to find what lay behind it was a very different dynamic from the one borrowers experienced before summer. An expected burst of supply is on the way and historically low coupons are causing investors to shy away from the AT1 from major European banks.
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Europe’s corporate bond market burst into full scale action on Wednesday, after two weeks of sporadic new issuance. A €3bn deal from Sanofi, the French pharmaceuticals company, was joined by €1bn from Toyota Motor Credit Corp, €500m from property company Foncière des Régions and yet another small deal from Volvo (see separate stories).
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Swiss Re drew an almost four times oversubscribed order book for a debut dated dollar subordinated debt issue on Thursday. The deal showed that appetite for sub debt remains robust among investors, even following starkly reduced demand for additional tier one paper deals from Santander and UniCredit earlier this week.
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A trio of issuers printed oversubscribed deals in dollars this week, including the Inter-American Development Bank’s largest ever dollar global. More borrowers are eyeing issuance in the currency given the impressive levels of demand on offer, although holidays next week will make windows of issuance few and far between.
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The wave of acquisition financings kicked off this week as Marathon Petroleum exploited the recent sharp rally rates and caught investors in eager mood following the August lull.
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Corialis - KKR's Finedining Capital - Douglas Holding
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Bookrunners were quick to point the finger at Korea Development Bank (KDB) after its new bond this week drew few orders and then sold off in secondary. But while KDB acknowledged the $750m deal had been priced aggressively, the issuer said it was following strategies recommend by its syndicate banks, writes Virginia Furness.
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Mexican building material suppliers and cement producer Cemex is selling euro and dollar bonds to fund the buyback of the company’s dollar 2018s and 2020s. The Reg S/144A notes will be priced later on Thursday.
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China’s CGN Power, the country’s largest nuclear power producer in terms of total installed capacity, has filed for an IPO on the Hong Kong Stock Exchange in a deal that could raise the company as much as $2bn.
