Morgan Stanley
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A merger of the coffee businesses of DE Master Blenders and Mondelez International backed by €7.5bn of debt could take up to 12 months to complete, prompting some investors to question whether returns on financing the deal are worth the wait. -
Cosmo Lady (China) Holdings’ HK$1.46bn ($189m) Hong Kong IPO was well received by investors, with the institutional tranche ending up multiple times oversubscribed. But it was the strong showing by retail that really caught the eye, with 15 times coverage triggering the first clawback level.
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Jinmao Investments and Jinmao (China) Investment Holdings, a business trust carved out of Franshion Properties, raised HK$3.21bn ($414m) on June 25 by pricing its IPO at the bottom of its indicative price range. A weak real estate sector led to the low pricing, but bankers are viewing it as a successful transaction.
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Cosmo Lady Holdings’ HK$1.46bn ($189m) Hong Kong IPO was well received by investors as the institutional tranche ended up multiple times oversubscribed. But it was the strong showing by retail investors that really caught the eye with a 15x covered portion, which triggered the first clawback level.
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Aluminum manufacturer China Hongqiao successfully closed a dollar transaction on Thursday after having previously made two failed attempts to debut in the market. However this around, Hongqiao was well received by investors and the issue was 15 times subscribed.
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Société Generale continued the rush to boost capital by tapping the 144A market with an additional tier one deal.
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A Federal Open Markets Committee meeting and a holiday in much of Europe this week made opportunities for dollar benchmark issuance few and far between. World Bank leapt into the narrow window with an unusual dual tranche deal that seared its curve and attracted enough demand for the issuer to increase it from its target size.
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Wheelock & Co made a return to the dollar market on Wednesday, pricing its first bond since March 2013. The Hong Kong real estate company was met with strong demand and it was able to price flat to its existing curve.
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The market for European financial institutions' subordinated debt took off on Thursday, defying expectations that the holiday in Europe would put a damper on issuance for the week, as Legal & General, Société Générale and Coventry Building Society came to market with deals.
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Jinmao Investments and Jinmao (China) Investments Holdings, a business trust carved out of Hong Kong-listed Franshion properties, started bookbuilding for a HK$3.39bn ($437m) IPO on Monday, offering prospective investors yields as high as 9%.
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Chinese car dealer Baoxin Auto Group got into gear for its $150m three year term loan on Wednesday, pricing the deal at 370bp over dollar Libor.
