Nomura
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Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve. -
State Bank of India is looking to raise at least Rp26.95bn ($378m) from a stake sale in SBI Life Insurance Co, receiving a flood of early demand.
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KfW and the Asian Development Bank won huge praise from SSA bankers with rare 10 year dollar trades this week. The former issued the largest ever dollar green from a public sector borrower.
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KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.
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The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.
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Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.
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India's Bajaj Finance has hired banks to run a potential qualified institutional placement (QIP) of around $1bn, according to a source familiar with the matter.
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Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.
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FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.
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JP Morgan has hired Nomura’s Ryan Dawson as a managing director in its leveraged finance origination team, covering sponsors in EMEA and sponsors and corporates in the UK.
