Nomura
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Deutsche Pfandbriefbank (PBB) eschewed cheap four year financing provided by the European Central Bank (ECB) under its long term refinancing facility to issue a 4.5 year Pfandbrief on Wednesday. The short and rarely issued tenor was easily absorbed and offered almost 52bp more than Bunds, in contrast to a French covered bond issued on Tuesday. -
VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.
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Few Indian IPOs can boast of having $6.4bn in excess demand, but BSE is one of them. The Bombay stock exchange operator completed bookbuilding for its Rp12.4bn ($182m) float this week, an extraordinary end to a sale first mooted over a decade ago. The pressure is now on its larger rival to do just as well, writes John Loh.
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India’s BSE could not have wished for a sweeter end to its Rp12.4bn ($182m) IPO, which on Wednesday closed hugely oversubscribed.
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While many of the main euro issuers have already scored their big January benchmarks, the pipeline of euro issuance is growing increasingly congested, although the range of maturities on offer should allow borrowers to avoid treading on each other's toes.
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Industrial Bank of Korea (IBK) has become the latest issuer from the country to venture offshore, opting for a Reg S only format to speed up execution.
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Siam Commercial Bank and the Industrial Bank of Korea both returned to the dollar bond market on Monday an extended period away.
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BSE, the owner of the Bombay Stock Exchange, is off to a cork-popping start to its Rp12.4bn ($182m) IPO, having snagged both marquee anchor investors and strong early orders.
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The tally of sterling high yield bond sales in January is on course to reach £2bn, a sensational reversal from 2016’s entire first quarter without issuance in the currency, with several issues this week despite news that the UK will seek to leave the EU single market.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.
