News content
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Hong Kong’s Nord Anglia Education, listed on the New York Stock Exchange, priced its follow-on offering on June 10 at a tight discount of less than 1% and upsized the deal to raise $170m, after receiving a stellar response from investors.
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Pioneer Investments has turned its focus to short dated emerging market bonds, as it seeks protection from rising rates.
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Russia’s Industrial Metallurgical Holding (KOKS Group) has picked banks for a potential 4.5 year dollar bond deal, which would be the first international Russian corporate bond for seven months.
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State-owned MFB Hungarian Development Bank finished a roadshow on Wednesday for its first euro bond for four years, and has picked a tenor. But market turmoil has left it facing unacceptable spreads, and waiting for a better window.
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Universal Medical Services & Health Management Company began gauging demand on June 12 for its $500m IPO in Hong Kong, which is seeing strong interest from investors looking to become cornerstones.
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Thai rating agency TRIS Rating Corporation has assigned both a sovereign and issue rating to Lao People’s Democratic Republic. The move comes as Laos prepares for a Bt12bn ($355.5m) bond issue, which could hit the market as early as this month.
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ADT Korea has refinanced a W1.35tr borrowing it raised for its buyout by Carlyle in 2014. The original five year facility was raised at a leverage of 7x Ebitda and helped Carlyle clinch a hotly contested bid for the Korean security company. ADT Korea refinanced the facility amid lower interest rates and a general paucity of deals out of Korea, said bankers.
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Korea Development Bank (KDB) jumped in the offshore renminbi market with a reverse enquiry-driven deal on June 12 following a successful debut from ICBCIL Finance a day earlier.
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Royal Industries Indonesia has wound up its latest borrowing at $380m. Although this figure is less than the target size of $500m, the response to the loan was fair as the leads managed to bring in new liquidity for the company, paving the way for more financings, said bankers.
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Philippine homebuilder Vista Land & Lifescapes showed its increase savviness in the bond market by extending its debt maturities with no extra cost on June 12.
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Bank Rakyat Indonesia (BRI), which picked a consortium of 11 banks to supply its $550m financing, held a meeting for the lenders on June 8, said bankers. The Indonesian firm was initially looking for $400m but raised the size of the borrowing following a healthy response.
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Red Star Macalline Group Corp, more popularly known as the Ikea of China, launched on June 12 its IPO in Hong Kong that could raise up to HK$7.22bn ($931.30m). The trade is already covered, after cornerstone investors signed up for a third of the book.