NatWest Markets
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Transurban, a Melbourne based toll road developer and manager, will start a four day roadshow in London and Europe on Monday for a potential euro bond. -
CMB Financial Leasing, a subsidiary of China Merchants Bank, has netted a loan of $295m, nearly double its target of $150m, as 14 lenders came into the deal. It saw a good response from Taiwanese banks, which were drawn to the comfortable three year tenor and generous all-ins.
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Bhira Investments, a subsidiary of Tata Power, has opened a $460m 18 month loan into general syndication as part of a $560m fundraising. The deal is already generating a lot of interest thanks to the generous pricing for what is a short tenor borrowing.
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US corporate issuance slowed through the week as books thinned and issuers offered concessions in order to get deals done before the summer holiday season.
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The Asian arm of Louis Dreyfus Commodities has closed syndication of its three year revolver at $500m, higher than its launch size of $300m, with the borrower’s relationship banks coming into the deal.
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A consortium of five banks has won the mandate for Indian state-owned oil company Hindustan Petroleum Corp’s $200m five year loan, which features a $100m greenshoe.
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ANZ, Bank of America Merrill Lynch, and Royal Bank of Scotland are leading a $560m financing for an overseas subsidiary of Tata Power. SBI is also tipped to join at the top level before syndication.
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John Wade, who left Royal Bank of Scotland in February this year just before the bank announced a restructuring, has resurfaced at Natixis as head of syndicate and MTN desk for Asia Pacific.
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The UK Debt Management Office raised its largest ever book for an inflation linked syndication on Tuesday when it opened a new 2058 line, despite the deal coming as the summer holidays are in full swing in the UK. The syndication also marks the first time the DMO has printed an inflation linker at a negative real yield.
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French supermarket group Casino Guichard-Perrachon made the most of a quiet week in the investment grade bond market when it priced a €900m 12 year bond on Wednesday at 125bp over mid-swaps, needing almost no new issue premium to bring in €2.6bn of orders.
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CMB Financial Leasing, a subsidiary of China Merchants Bank, is considering increasing the size of its $150m three year term loan after getting a positive response in syndication thanks to its good track record, and improved sentiment that is driving lenders to invest in offerings by leasing companies.
