Nomura
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World Bank capped off a series of 10 year dollar benchmarks from SSA issuers, on Tuesday, with the tightest spread to mid-swaps and US Treasuries in the tenor for at least two years. But further benchmark issuance in the currency — other than a rumoured Canadian deal — is unlikely, with issuers well-funded and investors winding down for the year. -
UK-based drinks manufacturer Diageo returned to corporate bond markets on Tuesday after three years without issuing in any bond market. The owner of brands such as Guinness, Johnnie Walker whisky and Tanqueray gin opted for a three year and long six year dual tranche offering on its return.
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Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.
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Nissin Foods Co, part of instant noodle giant Nissin Japan, has begun meeting investors to foster interest in its potential $200m Hong Kong IPO, according to a source close to the deal.
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World Bank on Tuesday added to a spate of 10 year dollar benchmark issuance over the last few weeks and set a new pricing marker in the tenor as it printed at the tightest spread of the year.
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UK based drinks manufacturer Diageo returned to corporate bond markets on Wednesday with a three year and long six year dual tranche offering, while German housing association Vonovia continued the recent trend for two year floating rate notes.
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World Bank will bring the latest test for a wall of dollars waiting to tumble into the SSA bond market, after mandating banks on Monday to bring a 10 year global benchmark. The trade could be the first jumbo 10 year dollar deal from an SSA in well over two years — and bankers away from the deal expect it to fly.
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A rush of consolidation has swept through Europe’s payments processing industry in the past six months and the financing for two of the deals, the acquisitions of Nets and Paysafe, hit the leveraged finance market this week.
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Anton Oilfield Services Group is making a dollar bond market comeback, offering a new deal in exchange for its existing 2018 bonds.
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HDFC Standard Life Insurance Co is set to price its IPO at the top of guidance to raise Rp86.95bn ($1.3bn), having closed books nearly five times subscribed, according to a banker on the deal.
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Guarantor: All Danish municipalities and regions
