Morgan Stanley
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality. -
Flint Group, which provides products and supplies for the printing and packaging industries, was oversubscribed in commitments for its €1.5bn-equivalent of debt, after widening the pricing on the Thursday.
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Moroccan phosphate group OCP tapped the $300m 30 year notes it sold a fortnight ago for a further $300m on Monday, bringing the total deal size to $600m. The book for the deal reached over $1bn as investors enthusiastically bought more of the note that had tightened around 50bp in yield terms since pricing.
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Flint Group, a maker of products and supplies for the printing and packaging industries, has widened the pricing on €1.55bn-equivalent of loans, hours before commitments are due.
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Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
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Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.
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State Grid Corporation of China launched a triple tranche $3.5bn deal on Monday. While the 10 and 30 year tranches priced inside the curve of China National Offshore Oil Corporation (CNOOC), the deal nonetheless suffered from investor fatigue as the market struggled to digest the $9.5bn already raised by Chinese state owned enterprises this month.
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WH Group's ill-starred attempt at an IPO finally came to a crunching halt on Tuesday night, as the issuer pulled the plug on its HK$14.6bn ($1.9bn) deal, blaming market conditions. Despite the high profile of the deal, bankers are confident that the pipeline can withstand the failure. But that did not stop a furious debate as to why the deal had collapsed.
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China’s second largest internet security software provider, Cheetah Mobile, has reduced the potential size of its New York IPO by one third and is now looking to raise only $200m amid volatility in the technology sector.
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Doosan Infracore International (DII) and Doosan Holdings Europe (DHEL), part of South Korean conglomerate Doosan Group, are seeking a $1.3bn senior secured term loan from the US market.
