Mizuho
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Saudi Arabia has increased its loan from $10bn to $16bn as banks line up to join the facility, according to a statement from its Debt Management Office (DMO). -
China's SAIC-GMAC Automotive Finance wants to raise Rmb3bn ($473.7m) from an asset-backed securitization on Monday.
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The new issue US dollar bond market roared back to life as volatility dropped and corporates took advantage of favourable conditions with $17bn of supply coming from 19 borrowers.
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Japanese heavyweights MUFG and Mizuho hit the US dollar bond market in size as volatility eased this week before Bank of America grabbed the spotlight with a $6bn deal to boost its regulatory capital buffers.
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Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.
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Garanti Bank and Vakifbank have joined the spring round of loan refinancings by Turkish banks.
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Dongfeng Nissan Auto Finance will be returning to the Chinese asset-backed securities market on March 8 with a Rmb4.5bn ($710m) dual-tranche deal on the interbank market — the largest transaction by a foreign name originator so far this year.
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The European Bank for Reconstruction and Development set a new pricing bar for 2018 in five year dollars on Wednesday as it equalled its largest ever dollar benchmark size. Municipality Finance was also out in the same tenor, with a trade that leads said had a concession of 2bp-3bp.
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Europe’s syndicated loans bankers say recent transactions highlight how cut-throat the market is for lenders, as the European Commission gets under way with a study on market practices.
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FMS Wertmanagement on Tuesday took advantage of widening swap spreads to equal the tightest spread to mid-swaps on a five year benchmark so far this year — a level that was “very tight” to KfW, said bankers on the trade. Two other borrowers are lining up to try their luck in the tenor — including one that is aiming for an even tighter spread.
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Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.
