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Asia

KHFC gets covered bond away amid North Korea concerns

Korean Housing Finance Corp (KHFC) enjoyed a strong reception for a five year covered bond this week. But the fact the deal was priced 25bp inside initial price talk yet still offered triple the pick-up to Canadian deals compared with last year, suggested a degree of uncertainty in the price discovery process.

Bill Thornhill, October 26, 2017
Asia

Mongolia’s $800m liability exercise a blow-out

Mongolia proved this week that it has gone some way to shaking off the twin stigmas of political uncertainty and reliance on commodity income by pulling off a liability management exercise, the new debt portion of which attracted $5.5bn of orders. Addison Gong reports.

Addison Gong, October 26, 2017
EM Middle East

Adcop launches $3bn with books at $11bn

Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co (Adnoc), has launched its $3bn dual trancher on Thursday with coupons set at the tight end of final guidance and books in excess of $11bn. Though an analyst said the levels offered looked fair, he said he was disappointed by the lack of transparency into Adnoc offered by the note.

Francesca Young, October 26, 2017
Emerging Markets

Credit Europe Bank to swap outstanding T2 for new issue

Credit Europe Bank NV (CEB) announced on Thursday that it was mandating banks for a dollar deal, calling an outstanding bond, and spinning off its Russian subsidiary.

Jasper Cox, October 26, 2017
Asia

Vincom Retail rocks the market with $709m float

Vincom Retail jumped the final hurdle this week to pulling off the largest ever flotation in Vietnam. The firm is on track to raise D16.1tr ($708.6m) by pricing its offer at the top of guidance, after an unusual schedule.

Jonathan Breen, October 26, 2017
FIG

EU lifts lid on non-preferred with early trilogue

Europe moved one step closer to having uniform rules permitting the issuance of non-preferred senior bonds this week, after the European Commission, Council and Parliament reached an agreement on creditor hierarchies.

Jean Comte, October 26, 2017
Asia

Dulce et decorum est pro patria party

Investment bankers like to brag how they work for their clients, but what my decades of experience in the industry have taught me is that they, just like every other human being, actually work for themselves.

Taipan, October 26, 2017
Corporate Bonds

Another fruitful Friday ahead?

Fridays were once a no-go for new issue markets, but in recent years that mentality has changed and in recent weeks we have seen corporates price some sizeable bond deals. This week looks set for more of the same.

Nigel Owen, October 26, 2017
Asia

Chi-Med boosts ADS add-on to raise $300m

Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.

Jonathan Breen, October 26, 2017
CEE

TMK offers consent solicitation at 'going rate'

Russian steel company TMK has launched a consent solicitation for its $500m 6.75% 2020s with the purpose of removing IPSCO Tubulars, its US based subsidiary, as a guarantor on the notes. An investor in London said that he expects bondholders to agree to the changes.

Francesca Young, October 26, 2017
Asia

Second time lucky for PFC as it picks trio for $300m

Indian state-owned company Power Finance Corp (PFC), which sent a request for proposals for a $300m five year facility earlier this month, has hired three banks to supply the funds.

Shruti Chaturvedi, October 26, 2017
EM People and Markets

UniCredit opens branch in Abu Dhabi

UniCredit will upgrade its representative office to a branch in Abu Dhabi to focus on transaction banking and financing in euros and dollars.

Nell Mackenzie, October 26, 2017

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