Mizuho
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On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn. -
ONGC Videsh (OVL) has closed its dual currency $844m equivalent loan with just one lender joining the dollar tranche in syndication, said a banker who arranged the borrowing.
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CK Hutchison Holdings’ subsidiary Hutchison Port Holdings Trust hit the dollar market on Wednesday morning, looking for its first international bond since its debut more than two years ago.
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The Asian Development Bank hit screens on Tuesday announcing a dollar benchmark in a maturity that investors have been crying out for.
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Two levfin issuers, Sebia and Refresco, this week added €3bn to an already large pipeline of euro and dollar-denominated leveraged loans being touted around a bustling European market. But some bankers are fretting that underwriters face little room for mistakes if pricing widens.
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Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved.
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Kommunalbanken made what bankers away from the trade described as an “excellent” choice of tenor with a dollar benchmark on Wednesday as it tightened pricing from guidance — something that not every issuer has been able to achieve in the currency over the last two weeks. Meanwhile, a Japanese issuer mandated for a trade that bankers expect to go well despite geopolitical tensions in Asia.
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Kommunalbanken will bring a dollar benchmark in a defensive tenor on Wednesday, which a banker on the deal said is the perfect product for investors amid rising geopolitical tensions. The trade also offers an attractive spread over US Treasuries, the banker added, despite a tightening in swap spreads — although other bankers said that tightening meant larger issuers should consider longer dated deals.
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Two Indonesian borrowers have managed to increase short-dated dollar loans after impressive demand in syndication.
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The terms are out for Hong Kong-listed company Samson Paper’s HK$570m ($73m) refinancing. The deal has three arrangers, which circulated term sheets among existing lenders a couple of weeks ago. Invitations have now gone out to other banks.
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Ford Automotive Finance (China) has pulled off an impressive return to China’s auto ABS market. The company raised an eye-catching Rmb3.46bn ($518.4m) from its latest deal — and brought in the first crop of foreign investors tapping Chinese ABS through Bond Connect.
