Morgan Stanley
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The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday. -
KBC only needed to offer a slim new issue premium to attract €2bn of demand for a new tier two bond this week. The deal pricing was squeezed by 20bp from initial price thoughts, resembling senior deals from other issuers.
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Emerging market consumer lender Home Credit will list on Hong Kong’s stock exchange in early October, despite political unrest-driven volatility that has scared off other issuers, according to a source close to the deal. Jonathan Breen reports.
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The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left.
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One Housing, a UK housing association focused on London and southeast England, has sold £150m of secured and unsecured US private placement notes to institutional investors.
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Sunac China Holdings has raised a $280m loan term from five lenders.
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The World Bank has mandated for its first dollar benchmark of its fiscal year, as the issuer starts hacking away at its up to $60bn funding programme for the year.
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The US corporate bond market continued to crank out investment grade deals despite fears of a global recession battering risk assets this week.
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Thailand’s largest block trade in six years has seen Singaporean state-owned investment fund Temasek Holdings bagging more than $500m from a sale of Intouch Holdings stock. The vendor took advantage of a surge in the Intouch’s stock price and plans to return and clean up its remaining stake. Jonathan Breen reports.
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Snap, the US technology company behind Snapchat, has issued a $1.1bn convertible bond due in 2026, after the stock began to trade above its IPO price again following a strong set of first half results a fortnight ago
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Investors hoping for new investment grade corporate bonds this week may be disappointed, as widening spreads and falling equities make the market less tempting for issuers.
