Nomura
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As fund managers fill their pockets with corporate leveraged finance debt, borrowers like BMC Software are taking advantage of strong conditions to slash funding costs across their financial structure. -
Chinese issuers are yet again dominating the supply in Asia ex-Japan debt markets, with four firms wooing dollar and euro bond investors on Tuesday.
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Punjab National Bank is selling a 6% stake in PNB Housing Finance worth Rp13.3bn ($206.3m) through the offer-for-sale method.
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Sterling high yield bond issuance this year has now surpassed four times 2016’s figure. This week, new borrower Pinewood Studios appeared on stage.
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The leveraged loan market is approaching Christmas on course to beat last year’s issuance, particularly for financing of new buyouts.
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Nissin Foods Co kicked off bookbuilding for its HK$1.1bn ($144.8m) Hong Kong IPO on Monday, with several Japanese trading giants and a Singaporean beverage company joining as cornerstone investors.
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Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports.
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Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.
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Bulgarian insurer Eurohold is attempting to cancel the bonds it issued last year as it markets a new deal this week.
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Deals topping €1bn are becoming more common in the European leveraged loan market, pushing gross issuance to annual record levels. CeramTec announced the latest, with a €1.1bn leveraged buyout.
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China’s Liaoning Fangda Group Industrial Co and BlueFocus Communication Group Co are meeting investors this week for their first international bond offerings. Huarong Real Estate Co, meanwhile, will hit the road for a euro deal.
