News content

Hyundai Capital Services has returned to the international market, opening books to a 5.5 year 144A/Reg S dollar bond on Monday.

Recent comments from the People's Bank of China (PBoC) have strengthened the CNY and supported the short end of the swap curve. With longer maturities pushing higher on improved risk sentiment, the curve has steepened. Meanwhile, with Canada next in line to become an offshore trading hub, CAD/CNY is to become directly tradeable, writes Deirdre Yeung of Total Derivatives.

GF Securities is making a big splash in the ECM market, opening books for its Hong Kong IPO of up to HK$27.9bn ($3.6bn) on Monday, March 23 and offering a very generous discount to where the company’s A-shares are trading. The bargain buy has resonated well with the market, with cornerstone investors having signed up for more than half of the entire trade.

Bank of China Aviation is out in the market receiving bids for a five year bond on March 23 as it looks to complete its first ever outing in Reg S/144A format.

Taiwanese investment holding company Kofu International has launched a $500m dual tranche financing into general syndication. The loan is offering lenders plenty of security, including a pledge to the shares of one of the borrower’s subsidiaries.

Arab Petroleum Investments Corporation (Apicorp), the Saudi investment company, has agreed $950m of Shariah compliant syndicated loans with regional and local banks.

Emirates, the airline, released initial price thoughts on Monday morning for the first sukuk ever to come with a guarantee from the UK’s Export Credit Guarantee Department.

Oman Telecommunications is the latest of the country’s firms to receive approval for a planned sukuk issue.

As regulators begin imposing penalties for compliance transgressions in swaps markets, firms must build out their operational and reconciliation frameworks, as well as tracking the source of errors and adjusting to new problems dynamically, according to market officials.

Even though volatility risks in euro/dollar options are as high as before the Federal Open Market Committee meeting, medium term gains based on the currencies reaching parity and a strengthening dollar make buying calls with a focus on upside euro convexity a viable trade, according to strategists.

Obrascón Huarte Lain, the Spanish construction company, has managed to achieve savings of 325bp while making banks on the deal bridge the gap between the offer price and what investors have paid to them.

Telefónica, the Spanish telecoms company, is expected to raise €3bn of capital to participate in an acquisition-related rights issue by Telefônica Brasil.