Morgan Stanley
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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. -
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.
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China Development Bank’s financing arm CDB Leasing is set to kick off a series of meetings with investors starting this week in Asia and Europe for a senior unsecured dollar bond issue.
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British Sky Broadcasting, the UK pay TV company, priced €850m and £750m of listed bonds on Monday over three maturities to fund its acquisition of Sky Deutschland. The deal was no blowout — one tranche was priced at the level of initial price thoughts, the others only 5bp tighter — but with an additional €400m from a private placement on the same day, Sky says it has now completed the financing for its acquisitions.
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Shanghai Huayi Company, is due to kick off three-day investor meetings this week in Asia and Europe for its inaugural dollar bond issue. It joins the growing list of provincial SOEs that coming to the offshore debt market.
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Cairnhill Investments (Mauritius), a wholly-owned unit of Singapore investment firm Temasek, has made HK$727.2m ($94m) by selling some of its holding in Citic Securities, having first invested in the company back in 2011.
