Morgan Stanley
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Punjab National Bank has hired six firms to lead a Rp50bn ($770m) qualified institutional placement, as the Indian lender looks to bolster its balance sheet. -
Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it.
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Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.
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The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that amazed bankers away from the trade.
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The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.
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Two US flotations of Chinese firms raised $686m this week, after one was priced in the middle of the range and traded down, while the other was set to make its debut on Thursday.
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Redco Properties Group managed to tighten pricing on its 364-day bond by a hefty 50bp on Wednesday, bagging $250m from the issuance. But the yield still appealed to the buy-side, with investors pumping in $1.6bn in orders at its peak.
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Analysts expect US chipmaker Broadcom to tap as many funding markets as possible to finance its $130bn takeover of Qualcomm. Up to $12bn is likely to come from the loan market alone.
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Several of November’s IPOs in Europe have taken hits in the aftermarket, continuing October’s trend of recently floated companies’ shares trading down.
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KWG Property Holding raised $300m from a seven year non-call four bond on Tuesday, managing to pay a zero to negative new issue premium despite hitting the dollar market for the fourth time in 2017.
