Morgan Stanley
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Wells Fargo quickly drew a large order book for a €3.5bn dual-tranche senior trade on Monday, as it became the first of the US banks to fund in euros after last week’s better than expected results. -
Fortune Oil PRC Holdings, which is in the market for a $240m three year loan, has received one commitment so far with a score of lenders expressing interest in the credit.
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Another blistering week for euro issuance from public sector borrowers brought a dual tranche 20 and 50 year benchmark from the French government that other sovereigns could ape — but only if their liquidity strategy allows it, writes Craig McGlashan.
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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Bank of China Aviation is poised to meet investors ahead of its 144A return that could hit the market as early as next week, while HK Electric has mandated banks for Reg S notes.
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.
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PNB Housing Finance has made changes to the bank group leading its $400m Indian IPO, bringing in Bank of America Merrill Lynch to replace Barclays as a lead manager, according to a source close to the trade.
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Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.
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Several events have improved investor sentiment around the Turkish lira, but analysts warned that options are underpricing risks from the politicisation of the central bank and the weakened tourism outlook.
