Morgan Stanley
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GlobalCapital announced the winners of its Bond Awards 2018 on Wednesday night at our 11th annual Bond Awards dinner, at the Jumeirah Carlton Tower in London. Some 280 people were there to see the brightest and best performers in the international bond markets in the past year crowned. -
South Africa’s Aspen Pharmacare has signed syndicated loans totalling around €3.4bn-equivalent, in a deal that saw the sort of chunky oversubscription that lenders say will be commonplace throughout the year, because of lack of supply.
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UK property development company British Land has amended and extended its £735m unsecured revolving credit facility, reducing the size of its bank debt while pushing the maturity towards a quiet year on the company’s debt repayment schedule.
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China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.
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Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week.
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Volatile market conditions have made some issuers think twice about approaching the primary market, after Banque Fédérative du Crédit Mutuel and Santander Consumer Finance found it difficult to build any momentum for their deals this week.
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US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.
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Arion Banki, the domestic arm of failed Icelandic bank Kaupthing, plans to become the first bank in Iceland to return to the stockmarket nearly a decade on from the financial crisis, having announced its intention to float on Nasdaq Iceland and Nasdaq Stockholm.
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German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday, just hours after launching the deal alongside two other seven year deals.
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Two IPO applications in Hong Kong this week — one from a bitcoin hardware maker and the other a Chinese state-owned enterprise — highlighted the tussle for investor attention between old and new economy companies.
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Dollar bond investors got their first taste of a Cambodian credit this week when casino operator NagaCorp grabbed $300m from its debut outing. But a huge tightening in the secondary market reflected the struggle in finding a fair price for the issuer. Morgan Davis reports.
