RBC Capital Markets
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Asia is gearing up for a bumper week of IPOs, with two $2bn deals launching on Monday and other smaller-sized floats vying for investor attention in what has been an action-packed October. -
Affordable Housing Finance showed the appetite of sterling corporate bond investors for new issues despite Brexit induced volatility, as it issued a £124.5m tap on Tuesday.
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The Inter-American Development Bank, a Canadian sub-sovereign and two Danish agencies offered chunky issuance to the Kangaroo market this week. The SSAs took advantage of Asian accounts looking to work their cash at the 10 year part of the Australian dollar curve.
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Chinese data firm GDS Holdings has begun pre-marketing its $300m US listing with bookbuilding expected in the next two weeks. Logistics company ZTO Express has also chosen to float in the US.
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Alex Caridia started the role in RBC Capital Market's Toronto office on Tuesday.
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GDS Holdings, which is heading to the US to go public, has begun premarketing its IPO, with bookbuilding expected in the next two weeks, according to a source close to the transaction.
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Bank Nederlandse Gemeenten and Nederlandse Waterschapsbank were stunned by the scale of reverse enquiry for taps to their Kangaroo notes on Tuesday, with a rare Japanese investor driving both deals to double the size of any previous tap to their respective 10 year lines.
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The sterling market's strength was on full display this week, with £1.1bn in new investment grade deals heading into investor pockets — a good sign that supply may be able to replace the BoE’s intended £10bn in purchases.
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The Asian Development Bank on Thursday sold the tightest priced SSA dollar benchmark of the year, as SNCF Réseau got off to a flying start with its first ever issue in the currency.
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Two more sterling benchmarks from investment grade corporates hit the market on Thursday, extending a strong week for bonds in the currency.
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The dollar market for SSAs is set to spark into life on Thursday, with one issuer lining up a debut deal in the currency and another attempting to print at the lowest spread to mid-swaps this year.
