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The hotly anticipated IPO of South Korean weapons manufacturer LIG Nex1 has been pushed back for two weeks due to a government investigation into an anti-tank missile it had developed.
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A $165m triple-tranche loan for CVC-sponsored Asia Education Investment is due to close soon with commitments coming in from a couple of banks during general syndication — an outcome criticised by many.
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Two French borrowers took advantage of a resurgent corporate bond market on Wednesday, with electrical components manufacturer Schneider Electric and real estate company Icade selling euro debt.
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UK energy company SSE opened up the week’s issuance for corporate bonds on Tuesday. While the issuer faced less than ideal market conditions its success presaged a rush of issuance later in the week.
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BNP Paribas has walked away from a African sovereign bond mandate because of compliance issues. The bond, for Angola, is expected to have a size of at least $1bn.
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Talk of Russian issuers’ bond plans has been gathering pace this week as Gazprom has mandated for a bond to be printed before the end of this year, sanctioned VEB looks to 2016 for a Panda bond, and Norilsk Nickel embarks on a series of investor meetings.
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Lindorff, the Norwegian debt collection company, priced a €230m tap of its floating and fixed rate bonds on Thursday, reopening the European high yield market after the summer break in encouraging style.
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Wells Fargo attracted strong demand for a seven year senior unsecured deal on Thursday, as investors returned en masse to the European FIG market.
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Bank of America Merrill Lynch and Wells Fargo are coordinating First Gulf Bank’s $1bn loan, which has all-in pricing of 85bp over Libor.
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Bankers are pointing to sovereigns from central Eastern Europe as the best hope for CEEMEA supply although much of the region is bound by the uncertainty of when the US will start to raise rates.
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BNP Paribas has been forced to return another bond mandate in the emerging markets because of compliance issues.
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Banque Fédérative du Crédit Mutuel opened the euro tier two market for a long list of names, as bankers sit on a pipeline that some say contains more than 20 transactions.