UBS

Ufinet, the telecoms unit of Gas Natural Fenosa (formerly called GNF Telecom), has pulled a repricing of its €295m leveraged loan, in a sign that the market's repricing wave may be breaking.

Rating: A2/A/A

Amid the torrent of market moving signals from Greece this week came four FIG deals, all of which were the successful results of drive-by dealmaking.

Deutsche Wohnen, the German property company, mandated banks on Thursday for a roadshow to market the possible sale of its first non-convertible bonds.

Orion Engineered Carbons, the German carbon black producer, is seeking a margin cut on a leveraged loan, just as the market's repricing wave appears to be ending.

China SCE Property Holdings has returned to the dollar bond market, raising $350m from a five year non-call three deal that saw yield-hungry investors clamouring to jump on board.

Korea National Oil Corp (KNOC) has mandated six banks to prepare for the first outing to the offshore debt market this year. Although nothing has been decided on the upcoming notes, the borrower is expected to return before November 2015, when its existing bond comes up for maturity.

New issue premiums of between 20bp-40bp have helped recent FIG borrowers mitigate large intra-day pricing moves as the market reacts to the torrent of mixed signals from Greece.

Hong Kong IPOs took centre stage in Asia ex-Japan ECM this week, as two healthcare-related names went live on June 22 while Legend Holdings and Red Star Macalline Group Corp priced their deals at the top end of expectations.

UBS is on track to print a five year senior note and had orders approaching €2bn for the third drive-by trade of the week.

Bond issuers in Asia are rushing out to meet investors with Beijing Energy Investment Holding (BEIH), China Overseas Land International and Shanghai Construction Group on the road.

Implenia, the Swiss construction company, showed the advantages of the convertible market for issuers wanting to issue subordinated debt, with a highly successful Sfr175m deal that shared the market with Ingenico on Tuesday.