RBC Capital Markets
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Chinese data centre operator GDS Holdings has opened a follow-on placement of its American Depository Shares (ADS), eyeing around $200m. -
Kommunalbanken added to a stellar start to the year for sterling with a £350m trade — its largest ever trade in the currency. Cross currency basis swap levels meant the borrower capped the size of its deal despite building a nearly £550m book, according to leads — suggesting excess demand for other SSAs to tap this week.
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Axilone, Comexposium and Hurtigruten have begun the syndication of a combined deal volume of €1.5bn, but European leveraged loan spreads are now so tight that some investors are heading for the exit.
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Sterling conditions are searing hot for public sector borrowers, with records breaking left, right and centre. And despite investors taking large volumes out of the market, SSA bankers are confident that more supply can be handled.
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Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.
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There have been high levels of issuance in the long end of the Aussie dollar curve this week, with a trade from KfW on Wednesday taking advantage of an increase in demand.
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Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank.
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The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday.
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A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.
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Bank Nederlandse Gemeenten has tapped its July 2028 Australian dollar bond, taking advantage of strong demand from Japanese investors in the long end of the Kangaroo curve.
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