Morgan Stanley
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The Export-Import Bank of China (Chexim) attracted high quality non-Chinese bidders for its dual currency, triple tranche offering this week. The response shows that demand remains high for mainland credits despite concerns about the country’s growth. -
Bond investors woke up to a pair of investment grade Asian issuers on Wednesday with the government of Malaysia seeking bids for a dual-tranche wakala sukuk and BoC Aviation looking to close a conventional 10 year.
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Hong Kong-listed Samsonite International has wrapped up syndication of a $2.425bn loan for its acquisition of premium luggage maker Tumi.
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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.
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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.
