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BASF is set for a busy year in the bond market in 2018, after announcing on Friday that it had agreed to buy parts of Bayer’s seed and non-selective herbicide businesses for €5.9bn, all in cash. -
Dongfeng-Nissan Auto Finance has tapped the Chinese asset-backed securities (ABS) market for a third time this year with a Rmb3.5bn ($531.9m) two-tranche deal. The company made its first attempt to attract foreign investors trading through Bond Connect in the October 12 deal – with mixed results.
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Market participants in Hong Kong have welcomed plans by regulators to install a new investor identification mechanism, which will require northbound investors participating in Stock Connect to reveal their identities by the middle of 2018.
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Northrop Grumman and Wal-Mart printed the biggest deals in their history as event-driven dollar bond supply roared back to life following the Columbus Day holiday.
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The sterling bond market is enjoying a golden age. That was in clear evidence this week when a German-focused property company with very few sterling assets to fund chose to sell its debut deal in the currency. Nigel Owen reports.
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In a busy week for utility company bonds Iren, the Italian electricity and gas distributor, on Tuesday announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.
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Innogy, the German utility split off from RWE in April 2016, on Wednesday announced it would be holding investor calls about a new benchmark 10 year debut green bond issue. Later in the day, Standard & Poor’s upgraded the issuer to BBB.
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The Chinese Ministry of Finance (MoF) has begun mandating underwriters to issue two tranches of sovereign dollar bonds – the country’s first outing in the dollar market for more than a decade.
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On Wednesday, A2A became the second Italian utility this week to sell a 10 year new issue. The company achieved the current benchmark low single digit new issue premium for its €300m deal.
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On Wednesday, Aroundtown took advantage of the current very favourable conditions in the sterling market. The Germany-focused property company’s debut issue in the currency took to four the number of different currencies the issuer has sold bonds in during 2017.
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Like most foreign banks in the Chinese securitization market, Standard Chartered has focused on doing business with foreign originators. But now it wants to compete more directly with local underwriters by entering the growing asset-backed notes (ABN) market, Wesley Yang, the bank’s head of financial markets for China, told GlobalRMB.
