UBS

A trio of issuers took advantage of a lack of senior supply this week to price deals with drastically reduced new issue premiums compared to January.

India’s Bharti Airtel has raked in Rp19.25bn ($310m) by selling shares in subsidiary Bharti Infratel through an overnight block on February 25. Priced at the bottom of the range, the transaction saw strong interest from European and US investors, thanks to the company’s sector of operation, and also because a private placement executed just a day earlier had helped provide momentum for the trade.

International Bank of Azerbaijan has printed a final size of $67.5m in euro commercial paper from its new $250m ECP programme, and released distribution statistics for the deal.

Hong Kong Broadband Network (HKBN) got off to a flying start on Tuesday, February 24, when it opened books for its HK$5.80bn ($747.72m) listing, setting the stage for what looks to be the city’s largest IPO to price so far this year.

Intesa Sanpaolo drew a bumper book for a seven year senior print on Wednesday, highlighting the strong bid for an asset class that has seen minimal supply in February.

US oil and gas pipelines company Kinder Morgan has mandated banks for a debut bond, as American issuers flood into the euro market.

Nationwide and Pohjola Bank broke an almost three week long fast for the euro senior market on Tuesday, setting terms for 10 and seven year benchmarks respectively.

Hong Kong Broadband Network (HKBN) got off to a flying start on Tuesday when it opened the books to its HK$5.80bn ($747.72m) listing, setting the stage for what looks to be the city’s largest IPO to price so far this year.

Shandong Weigao Orthopaedic Device Company is eyeing a $300m IPO in Hong Kong slated for the first half of the year, banking on the still-bullish sentiment for Chinese healthcare stocks.

Hedge funds seeking alpha have been buying calls on technology and healthcare single stocks on the back of increased cash inflows and corporate share buybacks. This call buying has been hedged with puts on the S&P 500, according to traders.

Fuyao Glass may start pre-marketing its $600m-$800m IPO in Hong Kong next month ahead of a listing in the second quarter of the year.

It was a week of firsts in the additional tier one market, which saw the first deal to include a greenshoe clause aimed at stabilising secondary performance, writes Nathan Collins.