Morgan Stanley
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New York listed China Distance Education is planning to raise $103m via the placement of American Depositary Shares according to a February 28 preliminary prospectus. -
The list of Chinese firms eyeing up an US IPO has grown even longer thanks to mobile game developer Chukong Tech, which is planning to raise $150m in the second half of the year, according to a banker on the deal.
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A €621m IPO for French LNG membrane producer Gaztransport & Technigaz (GTT) was multiple times covered before the deal was priced on Wednesday, though the shares traded down on Thursday.
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Grifols, the Spanish pharmaceuticals company, is due to launch $4.8bn of senior loans on Friday, making it the second borrower so far this year to rely at least in part on institutional lenders for a jumbo facility, after Ziggo’s €3.7bn deal late last month.
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Strong levels of demand on offer for supranational and agency paper in dollars this week, as investors have grown comfortable with US Treasury yields in the belly of the curve, will hearten the several issuers that are looking at bringing benchmarks in the currency in the coming weeks.
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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.
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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.
