Morgan Stanley
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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. -
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.
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China Overseas Grand Oceans Group (Cogo) is taking the rights issue route to pay off debt, proposing to raise HK$4.7bn ($595.9m) from shareholders.
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Redco Properties Group has jumped on the short-dated bond trend, launching a 364-day dollar deal on Wednesday.
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Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.
