Morgan Stanley
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US Treasuries rallied even further this week, leaving many market participants scratching their heads – but corporate borrowers did not waste the opportunity. -
The private equity owner of Hugo Boss sold down a €400m stake in the German fashion firm on Tuesday night, a smaller chunk than many in the market had expected which helped drive demand.
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Three banks are understood to be providing underwritten debt financing to the tune of $600m-$650m to back KKR’s S$1.39bn ($1.1bn) buyout of Singaporean packaging company Goodpack, in a deal which will mark the private equity firm’s largest ever investment in southeast Asia. The move has led leveraged bankers to speculate that PE firms are now looking at opportunities outside of China to buy assets.
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Joyful Horizon, an affiliate of Chinese private equity firm Hony Capital, sold HK$3.75bn ($484m) worth of shares in CSPC Pharmaceutical Group on May 26.
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Sinotrans will be meeting with investors for a proposed offshore renminbi bond as the borrower looks to sell its second deal in the market after making its debut 2011.
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French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.
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América Móvil could bring its long awaited tap of its global local Mexican peso bonds shortly after mandating banks for a roadshow, though the bluechip telecoms company will face some investors unhappy that liquidity in the innovative instrument has not materialised as promised.
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Following a failed attempt to list on the Nasdaq two years ago, China Auto Rental (CAR) is looking to go public once again. But instead of trying to tap the US for funding, the Beijing-based company is now driving for a Hong Kong listing having filed its application to the city’s regulator on May 22.
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Ecopetrol’s corporate finance head expressed delight to GlobalCapital after the oil company timed it right to sell the longest ever bond from a Colombian borrower. Further evidence of the benign conditions for Latin American issuers came with a blow-out for Mexico’s ICA as bankers debated whether the bond market rally is nearing its peak.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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A dearth of senior issuance this week left the spotlight on the subordinated debt market, and with the market quiet, LBBW and SEB were able to focus on price and sell aggressively priced tier two trades.
