Nomura
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Controls have been tightened after the high-profile losses that banks took on margin loans when retail conglomerate Steinhoff ran into trouble late last year. But strategic equity solutions businesses remain central to equity capital markets, writes David Rothnie. -
Bank of America Merrill Lynch, Credit Suisse, Nomura and UBS have made senior changes in their equity capital markets and syndicate teams in Asia.
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Several Chinese real estate companies, including Sunac China Holdings and Central China Real Estate, took advantage of relatively stable markets to ride the dollar issuance momentum this week. But supply pressure meant that many saw their bonds then trade under water.
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The International Development Association wowed on-looking SSA bankers with its debut bond issue on Tuesday, with some saying it printed in line with sister issuer World Bank (International Bank for Reconstruction and Development). The borrower opted for dollars with its first trade, but is likely to be a regular name in the currencies making up the IMF’s special drawing right basket.
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KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.
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Hanwha Life Insurance Co became the latest South Korean name to raise funds from the dollar bond market on Monday, as the country’s insurance firms prepare to adhere to new capital standards.
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Four high yield property companies, Sunac China Holdings, Central China Real Estate, Jingrui Holdings and Yanlord Land Group, raised a total of $2.05bn on Monday, with some of them focusing on price and the others on size. But irrespective of their strategy, recent heavy supply pushed their bonds lower in the secondary market.
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The International Development Association, part of the World Bank Group, is on screens with its debut bond issue. The trade is offering a handful of basis points over seasoned World Bank Group issuer the International Bank for Reconstruction and Development (known as World Bank), according to bankers away from the mandate.
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Chinese property developers are rushing to sell dollar bonds as momentum picks up and the market stabilises. While heavy supply is weighing on investors’ minds, their familiarity with the sector and issuers’ willingness to pay up may be able to safeguard the deals.
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Nomura’s head of equity syndicate for Asia ex-Japan Ortwin Gierhake is no longer with the firm, sources close to the matter said.
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Yuexiu Property Company priced a two-tranche dollar bond on Thursday but decided to ditch a potential offshore renminbi deal. Separately, Peking University Founder Group Co returned with another bond with a keepwell structure for $425m.
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