Morgan Stanley
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Irish credits’ appeal in the vanguard of the European recovery was underscored this week as Bank of Ireland attracted more than €5bn of orders for a new subordinated debt issue. The country’s first euro benchmark tier two since the crisis, the 10 year non-call five offering smashed through the lender’s previous pricing — and may well rank as the tightest Irish bank deal of its type, according to bankers.
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The State of North Rhine Westphalia crowned a week of dollar issuance with a return to fixed rate benchmark issuance in the currency after a near four year hiatus. The move came in a week when more frequent issuers were able to attract demand even at very tight levels.
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América Móvil’s reopening of the local currency new issue market in Latin America this week is unlikely to trigger a surge in issuance — despite strong interest from issuers and participation from international buyers. -
Matalan buys back old bonds — Hema roadshows notes — Ardagh achieves speedy bookbuild
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CMB HK makes dollar debut with three year — KEB rides RoK tailwind — MCC puts dollar return on drawing board — HK Huafa seeks offshore RMB debut
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China’s Tianhe Chemicals Group launched its HK$6.34bn ($818m) IPO on June 3, but investors will have to work hard to figure out fair value as there are no direct comparables for the Liaoning-based firm.
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Brazilian industrial conglomerate Votorantim is looking to buy back as much as $1.06bn of dollar bonds through tender offers for bonds issued by three subsidiaries.
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Chinese state owned logistics company Sinotrans priced its second offshore renminbi bond on Tuesday with a Rmb1bn ($162m) three year issue. However, oversupply from China in the dim sum market and investor unfamiliarity meant the deal was met with a fairly quiet reception.
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Bank of Ireland has brought in its funding level for lower tier two capital by more than half, launching its €750m 10 year non-call five at a level that equates to low 4%, when in only late 2012 it priced similar debt at a coupon of 10%.
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Bank of Ireland is likely to hit the market Wednesday with its planned euro denominated 10 year non-call five year lower tier two transaction in what would be the first euro denominated benchmark size capital deal from an Irish bank since the crisis.
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Carlos Slim’s telecoms group América Móvil sold the first global local currency bond from Latin America for over a year on Monday, overcoming the concerns of some investors about the poor liquidity in the notes.
