UBS
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Diesel engine component maker Asimco is said to be mulling revising terms for its $120m refinancing loan, to allow banks to get through their credit process more easily. -
Obrascón Huarte Lain, the Spanish construction company, has managed to achieve savings of 325bp while making banks on the deal bridge the gap between the offer price and what investors have paid to them.
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Equity accelerated bookbuild activity was lively this week, reflecting generally buoyant stock markets and investors eager for paper as quantitative easing begins to bite.
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Nationwide and Caixabank launched the only two covered bonds this week. Despite both issuers getting the funding they wanted, the final outcome was poor in comparison to past standards.
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Korea Deposit Insurance Corp (KDIC) shed some of its shares in Hanwha Life Insurance Co via a block executed on the evening of March 18. Launched to the market with a fixed price, the W133.4bn ($118m) deal focused more on size than on price.
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Repsol, the Spanish oil company, has issued a €2bn hybrid bond as part of the long term financing for its $8.3bn (€6.6bn) acquisition of Talisman Energy.
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Fuyao Glass Industry Group Co saw investors pile into its HK$7.39bn ($951.67m) IPO as books opened on Wednesday March 18, with demand from cornerstones and anchor investors alone already taking the trade into oversubscription.
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Obrascon Huarte Lain, the Spanish construction company, wants to sell a €425m eight year non-call three bond that would push out its first bond repayment to 2020.
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HTSC, which got shareholder approval last year to dual-list its shares in Hong Kong, is hoping to raise $1bn-$1.5bn.
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Two block trades of around $1bn went well on Thursday night, as GlaxoSmithKline sold half its remaining 12.4% stake in Johannesburg-listed Aspen Pharmacare, while private equity funds shed the last chunk of ISS, the Danish cleaning firm.
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A tricky secondary market was unable to derail the new issue pipeline in senior this week, with new deals selling well even as their predecessors underperformed.
