Mizuho
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Public sector borrowers could beat the summer slumber if they bring dollar deals, said SSA bankers — and they may be rewarded for doing so, with conditions unlikely to be able to get better than this week’s. -
Reliance Industries has made a quick return to the offshore loan market with a $2.7bn refinancing deal, having picked 17 banks to act as mandated lead arrangers and bookrunners.
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The International Finance Corporation on Tuesday brought the tightest priced five year dollar benchmark in three years, at a level that bankers said looked in line with the supranational’s curve. Despite the measly spread over swaps, higher outright yields likely helped buoy demand.
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Dongfeng Nissan Auto Finance enjoyed strong support from its traditional investor base — Chinese banks and onshore arms of Japanese banks — as it sold a Rmb4.5bn ($665.7m) securitization on July 19. The deal came as looser onshore liquidity gave banks more cash to buy ABS papers.
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The International Finance Corporation is set to bring its first five year dollar global benchmark in two years, and could achieve an even tighter spread than Nordic Investment Bank’s multi-year low two weeks ago, according to on-looking bankers weighing fair value.
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Abu Dhabi Commercial Bank has returned to the Asian loan market after two years absence, plotting a $400m deal that has already been partly taken up by lead bank Mizuho.
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India’s Housing Development Finance Corp, which is expected to wrap up senior syndication of a $750m loan soon, is gearing up for the next phase of the syndication process.
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Birla Carbon has closed a $1.2bn multi-tranche loan after attracting six participants during senior syndication, according to a banker close to the situation.
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South Africa’s Investec Bank has doubled the size from launch of its two year syndicated term loan to $600m, after a 'significant' oversubscription.
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Dongfeng Nissan Auto Finance is selling a Rmb4.5bn ($674.4m) ABS deal next week — the first by a foreign originator in the second half. Sources say the originator has been afforded a nice window to issue given the looser onshore liquidity, but it will enjoy less flexibility around the structure of the deal.
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CNCB (Hong Kong) Investment, a subsidiary of China’s Citic Group, has started wooing banks to its $500m debut loan.
