Nomura
-
Bestway, the privately owned UK groceries wholesaler, has tightened pricing on £725m of loans amid high demand. The financing is for its £620m acquisition of the Co-operative Group's pharmacy division. -
-
-
Dollar demand for sovereign, supranational and agency names made its first signs of slowing this week, as one benchmark fell short of full subscription and other deals, while still oversubscribed, showed signs of demand being less exuberant than in the first weeks after the summer break.
-
Westpac New Zealand made its sterling debut this week, highlighting the strength of demand for sterling financial paper, particularly floating rate notes.
-
Will Smiley, former co-head of ECM syndicate for Asia Pacific ex Japan at Goldman Sachs, has relocated to the bank’s London office.
-
Hong Kong’s Chong Hing Bank managed to navigate a tight issuance window in the week of September 15 to tap the market with what is only the second US dollar denominated AT1 trade from an Asian lender. The $300m perpetual non call five transaction proved to be such a hit with investors that books ended up more than 16x covered, which allowed the lender to shave 25bp off the pricing of its closest comparable.
-
Westpac New Zealand is set to sell its first sterling denominated print on Wednesday, drawing strong demand for a floating rate note at the short end of the curve. Credit Suisse is also expected to sell senior debt, a long seven year fixed rate euro print.
-
Hong Kong’s Chong Hing Bank managed to navigate a tight issuance window this week to tap the market with what is only the second US dollar denominated AT1 trade from an Asian lender. The $300m perpetual non call five transaction proved to be such a hit with investors that books ended up more than 16x covered, which allowed the lender to shave 25bp off its closest comparable.
-
-
A trio of SSA borrowers squeezed into a narrow window of issuance this week to enjoy exceptionally strong conditions in dollars. Origination bankers will be beating at the doors of any funding officials that still have work to do this year to persuade them to mandate for next week and take advantage.
-
Leveraged finance lenders are assessing the structure and leverage of Bestway, the UK food wholesaler that is buying Co-op Pharmacy’s owner, after a bank meeting on Friday to market a £725m loan for the acquisition.
