Morgan Stanley
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Goldman Sachs exploited a stable background in the investment grade market to print its biggest fixed rate deal of the year.
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AIA Group is meeting investors in the US this week for what would be its second dollar bond. -
Agile Property Holdings' first offshore renminbi bond put in a strong performance, with an order book of more than Rmb5bn ($820m), despite investors in the Dim Sum market having become more discerning. The borrower may also have saved 125bp compared to its dollar funding levels.
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China Aluminium International Engineering (Chalieco) priced its debut international bond last Friday, issuing a senior perpetual non-call three that pays 6.875%. The borrower opted for a non-call three structure to save costs but this also made the bond more investor-friendly, which meant it was able to shave 37.5bp off initial pricing.
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Hong Kong's IFC Development is expected to make its first appearance in euros soon, with bankers preparing to launch a three year deal following a successful roadshow in Europe.
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A €621m IPO for French LNG membrane producer Gaztransport & Technigaz (GTT) was multiple times oversubscribed before the deal was priced on Wednesday, bankers close to the transaction revealed this week.
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Royal Bank of Scotland completed its final sale of UK insurer Direct Line on Wednesday night, with bankers hailing a smoothly executed deal that was priced with no discount on a morning of otherwise terrible news for the Scottish lender.
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Rabobank has appointed its global head of professional products, who has previously served on boards at Morgan Stanley and NIBC, to its executive board.
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Norwegian insurer Gjensidige sold an Nkr3.3bn ($540m) stake in domestic peer Storebrand on Tuesday night, launching the well-flagged deal with full coverage after a sale of another of its financial holdings stumbled earlier in the month.
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The coming weeks represent an opportunity for sovereign, supranational and agency issuers to price aggressive deals as investors pockets bulge even after the traditional rush of issuance in the first few weeks of the year. Bankers in the sector are egging on issuers to bring deals to take advantage of the demand.
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Germany's HeidelbergCement has slashed the margin it pays for syndicated loans, signing a new €3bn five year refinancing loan with an out of the box margin of 95bp, a 30bp reduction on the debt it is repaying.
