Morgan Stanley
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Singapore-listed commodities company Noble Group, ICBC International and China SCE Property Holdings were out of the gates on Monday morning for new dollar outings, coming before a widely expected Federal Reserve rate hike this month. -
China Reinsurance (Group) Corp and China Cinda Asset Management Co ventured out on a busy Thursday with their respective five year prints that saw investors stand firmly by their sides. The two took a combined $3.8bn.
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Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.
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Cassa Depositi e Prestiti has sold €300m and €150m notes late in February, despite dealers reporting an overall lack of MTNs in the market.
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German card payments firm Concardis this week increased the term loan backing Advent International and Bain Capital’s buyout of the firm to €300m, reducing price guidance in the process, in a market still waiting on larger buyouts such as Cerba Healthcare to be syndicated.
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The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.
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Travel services provider Hotelbeds has increased its €172.5m term loan add-on to €200m, also cutting the margin guidance from 625bp to 500bp with a 0% floor.
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US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.
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KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.
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UniCredit, the largest bank in Italy, has formally finished its €13bn rights issue after selling the unexercised rights on the market for €15m.
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The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.
