Morgan Stanley
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Chinese company Sinopharm Group raised a chunky HK$5.55bn ($715m) through a private placement of shares to nine investors over the weekend, with its stock sliding by around 6% on Monday’s trading session. -
Alibaba amassed a whopping $55bn of orders from investors for its landmark $8bn deal which ranks as the biggest G3 bond from an Asian ex Japan issuer. But some investors opted to stay on the sidelines after pricing was tightened up to 27bp across the six tranches.
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BBVA raised €2bn of fresh equity on Wednesday evening, to finance its acquisition of a 14.89% stake in Turkey’s Garanti Bank — taking its stake in the bank to 39.9%. The €2bn will pay for the whole stake.
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A short window of issuance is open for borrowers with dollar benchmarks to do ahead of the Thanksgiving holiday next week that heralds the traditional close of the market.
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High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.
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Heavyweight borrowers Citigroup and Westpac Banking Corp printed deals tailored to capture investor preference for short-dated paper in the US market this week.
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Alibaba was due to price its landmark bond in the early hours of Friday having launched final price guidance after Asian markets closed the night before. Bankers were staying tight lipped but investors said the deal could easily reach $10bn though debate was divided about what is fair value, write Lorraine Cushnie and Narae Kim.
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BBVA is raising €2bn of fresh equity this evening to finance its acquisition of a 14.89% stake in Turkey’s Garanti Bank – taking its stake in the bank to 39.9%. The €2bn will pay for the whole stake.
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Numericable completed its €4.7bn capital increase this week, bringing to an end the financing for the French cable operator’s acquisition of SFR.
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China National Petroleum Corp (CNPC) may be a regular in the debt market, but it managed to reposition itself through its latest $1.5bn trade thanks to a first time guarantee from the parent. Such was the response from investors that it added a floating rate note during bookbuilding.
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A fire in its largest factory in Spain has led meat processor Campofrio to abandon plans to issue a bond to refinance senior unsecured notes maturing in 2016.
