News content

Caribbean insurance company Sagicor raised $320m through a seven year non-call four bond on Tuesday as the bid from US high yield investors continues to help lower rated companies in LatAm issue.

Ukraine’s finance minister Natalie Jaresko has invited the country’s creditors to a meeting in London on Thursday to discuss her government's restructuring proposal in an attempt to agree on a solution for the country's worsening debt crisis.

Gunvor Group started a buyback offer on its dollar bonds this week, prompted by a $1.7bn profit it made from selling Russian assets.

There is little sign that summer holidays are keeping investors away from the corporate bond market this week: while the flow of deals may be slower than normal, issuers that have decided to tap the market are still receiving a warm reception.

Lukoil is due to close syndication imminently on the first $500m tranche of a $1bn loan backed by the Asian Development Bank and European Bank for Reconstruction and Development, according to bankers close to the deal.

The UK government’s £2bn sale of a first chunk of the 79% stake it holds in Royal Bank of Scotland has dominated equity capital market headlines so far this week.

Société Générale’s top tier equities trading businesses delivered for the French bank in the second quarter, delivering a 61% increase in revenues to €799m, nearly half of total markets revenue.

A loan that had been in syndication since April from vehicle parts producer Hyva Global has been signed, with a mix of Asian and Western banks and one institutional investor joining. The deal started out at $295m but wound up at a much slimmer $195m after failing to gather steam amid concerns over the industry and the company’s weak sales in slowing China.

European banks have shunned the traditional summer break, with three issuers opting to print the riskiest debt the sector has to offer.

Oceanwide Holdings managed to reach the finish line for its $400m bond on Tuesday, the same day another high-yield issuer was forced to shelve its deal due to weak demand. Oceanwide’s triumph was thanks to the existence of outstanding notes that were trading well in secondary, as well as investors’ familiarity with the credit.

The growing Chinese securitization market took another step forward this week with the listing of the country’s first box office asset backed security on the Shenzhen Stock Exchange.

Public sector issuers should hit the market hard later this month — no matter when they expect a US rate rise, said sovereign, supranational and agency bankers.