Nomura

After a flurry of mid-market leveraged financings, investors are now preparing for the first large cap deal of the new year. SIG Combibloc, the Swiss drinks carton maker, has invited lenders to bank meetings in London and New York.

South Korea’s Woori Bank raised smaller-than-expected $350m with its first dollar bond of 2015 on January 14. Due to the smaller order book size and slower bookbuilding process than usual, the South Korean lender had to settle for the lower end of what it aimed to raise, but has been enjoying a good performance in the secondary market.

Liberty Global, the European cable investment group, laid out to lenders yesterday the terms of a complex refinancing process, which will combine the debt of two Dutch subsidiaries, UPC Netherlands and Ziggo, which are merging.

Woori Bank opened books to its first dollar bond this year on Wednesday, January 14, as the South Korean lender was encouraged by the relatively successful outcomes of compatriot Export Import Bank of Korea (Kexim) earlier this week.

SSA bankers lauded Portugal on the timing and execution of a dual tranche benchmark deal on Tuesday, as investors ploughed into the offering. Elsewhere, Spain revealed its syndication plans for 2015 and Italy broke records at the long end of the curve.

Dalian Wanda Commercial Properties is expected to price its IPO near the top of guidance to raise HK$28.8bn ($3.7bn) for Hong Kong’s largest listing this year.

K’s Holding, the consumer electronics retailer, launched and priced a ¥30bn ($260m) 2019 convertible bond Thursday, just two days after fellow Japanese issuer Oita Bank completed a $100m convertible bond with the same maturity.

K’s Holding, the consumer electronics retailer, launched and priced a ¥30bn ($260m) 2019 convertible bond today, just two days after fellow Japanese issuer Oita Bank completed a $100m convertible bond with the same maturity.

International Finance Corporation is set to close a tap of an April 2025 Kangaroo, its longest dated line in Australian dollars. The deal comes shortly after World Bank tapped its longest dated Kauri bond.

Shionogi, the Japanese pharmaceutical company, took advantage of its share price reaching an all time high on Monday to launch a ¥20bn ($169.9m) convertible bond, to finance a share buyback.

Supportive secondary markets and tightening credit indices have deceived issuers of senior and covered bonds in the FIG market, causing five to pull the plug on new transactions over the span of five trading days. That left market participants wondering if the year is over for FIG issuance, as investors happy with returns on the year have avoided taking on further risk — despite issuers offering spreads that have previously led to successful deals, writes Nathan Collins.

Onex, the Canadian private equity firm, has acquired SIG Combibloc, the Swiss drinks carton maker, for €3.75bn and confirmed 10 banks that will arrange the leveraged buyout.