Mizuho
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Chinese broker Citic Securities Company tapped the offshore market with a dollar bond on October 23 that was drawn from a $3bn MTN programme. Even though it coincided with a slew of other transactions, the issuer still managed to get a good result, pricing through its closest comparable. -
The African loan market is awash with bank and financial company business, with two firms from different countries circling for financing, while one has already landed a deal.
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Asian insurers are making their presence felt in the international debt market after Korean Reinsurance (Korean Re) became the fourth name to issue a bond in six weeks. While market participants are quick to point out that the deals are unrelated, they predict more is coming from the sector as Asia makes the step up to Solvency II, write Virginia Furness and Rev Hui.
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Tentative allocations are out for smartphone maker Xiaomi’s $1bn dual tranche loan. The deal has proved popular as bankers are eager to lend to the company that has ambitious plans for global expansion.
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A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.
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UK pharmaceuticals group Amdipharm Mercury has set out price guidance on its £984m refinancing and recapitalisation loan, which will raise its net leverage ratio from 3.4 to 5.5 times.
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State owned IT company China Electronics Corp’s $1bn five year term loan for a thin-film-transistor liquid-crystal display (TFT LCD) project in Nanjing, launched into general syndication on October 9.
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A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads.
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UK pharmaceuticals group Amdipharm Mercury, owned by Cinven, has launched a £985m-equivalent loan that will refinance debt and recapitalise its senior debt structure.
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High grade borrowers were thin on the ground in the US market this week as volatility roiled equities and earnings blackouts loomed large.
