Morgan Stanley
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The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark. -
The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
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The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.
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The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.
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Property management company Central China New Life carried out accelerated pre-marketing for its Hong Kong IPO this week, said a source close to the deal.
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Chinese software company Kingsoft Corp bagged HK$3.1bn ($399.9m) on Thursday from a five year convertible bond. It was the first equity-linked trade in Hong Kong since the coronavirus outbreak in January.
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April is set to be the second busiest month ever in the US corporate bond market (after March), as companies pile up funding to build up their financial resilience to Covid-19, despite continuing volatility and waves of bad news.
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Netflix was set to price a five year euro tranche in a $1bn-equivalent high yield bond at 3% on Thursday evening, proving there is ready market access available for companies that can demonstrate they’re coping with coronavirus. The streaming company saw record subscriber growth and broke into free cash flow territory for the first time, partly thanks its smash hit documentary Tiger King, watched by 64 million households.
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Hansoh Pharmaceutical Group, a China-based drug maker, pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares this week.
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Europe's equity capital market bankers are expecting a resurgence of secondary share sales by investors over the coming weeks as financial sponsors look to take advantage of the rebound in global equity markets since the start of the pandemic to raise cash to redeploy elsewhere.
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Shenzhen Zhaoheng Hydropower Group has obtained a maturity extension for a $128m loan sealed in 2017, after difficult market conditions put pressure on its refinancing abilities.
