North America
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Ant Financial subsidiary Alipay (Hong Kong) Holding will increase the size of its $3bn loan, taken to partly support its bid to acquire Dallas-based MoneyGram, according to bankers. The news comes about a fortnight after Alipay raised its offer for MoneyGram by around $300m. -
May got off to a sizzling start in the US bond market this week as 15 companies including Apple and Unilever printed nearly $30bn of bonds as the earnings shackles came off and the US Federal Reserve kept policy rates on hold.
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Three public sector borrowers hit screens in sterling this week, including a rare floating rate note from the Province of Ontario, which made use of the currency for the first time in six years.
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Crystal International Group has filed a listing application with the Hong Kong Stock Exchange for a $600m-$800m IPO.
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General Motors Financial Co made its first journey of the year to the euro bond market on Wednesday, issuing a €1bn four year floating rate note.
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The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal.
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An announcement that the US Treasury is contemplating extending its curve to 50, or even 100 years has pushed up long end yields.
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Investors got some long awaited supply and poured money into new issues this week as the US investment grade market sprang back into life following earnings blackouts.
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The revival of sterling bond issuance powered ahead on Thursday, as Procter & Gamble brought a £750m deal that one banker said was “as rare as Halley’s Comet”. That coincided with a £1bn covered bond from Santander and a £400m debut from Martlet Homes.
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Emmanuel Macron’s topping of the first round of the French presidential election last weekend drove the best euro funding conditions for months. Public sector borrowers duly piled into the primary market. With more political risk ahead, many are racing to be 75% done for the year by summer, writes Craig McGlashan.
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The dollar market has enjoyed yet another strong week, with one issuer breaking its size record and another pair matching their own. SSA bankers are readying themselves for a busy May in the currency. But despite issuers keen to push out the curve, it looks like 10 year benchmarks are off the table.
