JP Morgan
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Hainan Airlines is seeking its second publicly syndicated offshore renminbi issue, after announcing last month that it needs Rmb40bn ($6.49bn) of funding in 2014 to support business objectives. -
Bank of China Aviation printed a five year bond on Wednesday night as the issuer looks to solidify its presence in the market after it more than doubled the size of its EMTN programme last month.
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China Overseas Land and Investment (COLI) defied the headwinds buffeting the Chinese property sector to execute a dual tranche transaction on Wednesday night. The investment grade real estate developer was able to raise $1bn, but it had to pay a 20bp new issue premium.
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Premium Credit, a UK company that finances insurance premiums, priced its £200m debut bond at the low end of guidance to yield 7% on Wednesday.
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Brazilian pulp producer Fibria Celulose (Ba1/BB+/BBB-) will be next to test appetite for lower-rated LatAm credits as it plans a 10 year deal of up to $500m. Bankers are confident that demand for LatAm debt remains strong across the ratings spectrum, with the latest high yield deal from the region – for woodboard firm Masisa – performing strongly in secondary.
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The prospect of Pfizer sweetening its takeover bid for UK rival AstraZeneca to £64bn ($108bn) or more is raising expectations of a jumbo bond financing by the US pharmaceuticals major.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality.
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Premium Credit, a UK company that finances insurance premiums, priced its debut sterling high yield senior unsecured bond at the low end of guidance to yield 7% on Wednesday.
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Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
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Premium Credit, a UK company that finances insurance premiums, issued price guidance of 7% to 7.25% for its debut sterling high yield bond on Wednesday, after a three day roadshow.
