UBS
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Philippine property developer Century Properties will meet investors next week ahead of a potential US dollar bond debut after mandating three banks. -
Corporate bond supply returned to the Swiss market this week as a trio of domestic firms, including debut crossover credit Hirslanden, took advantage of the negative interest rate environment to lock in ultra-low yields.
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After a brutal year in 2014, in which several senior staff were cut or left the bank, UBS’s European levfin business has a fixer in the shape of Jim Boland.
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UBS this week trumpeted the recent launch of an exchange traded note that provides investors with hedged exposure to the Chicago Board Options Exchange Market Volatility Index (VIX).
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Indonesia industrials are returning to the dollar bond market, with MAXpower Group and Tower Bersama Infrastructure readying new deals.
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Philippine lender Security Bank made its mark on the dollar debt market for the first time on January 27, raising $300m from an order book that was close to six times covered. The good reception was helped by a tidy new issue premium and the country’s status as a safe haven from recent market volatility.
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Unilever, the Anglo-Dutch consumer goods company, capitalised on its status as a rare issuer and a highly recognisable name to price a €750m seven year bond very tight to its notional curve on Tuesday, with a coupon of just 0.5%.
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Sunrise Communications Group, the Swiss telecoms firm, on Tuesday set the price range for its Sfr1.35bn Zurich IPO at Sfr58-Sfr78 a share, less than a fortnight after the Swiss National Bank unexpectedly dropped the Swiss franc’s exchange rate ceiling against the euro.
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Singapore-based property companies Mapletree Commercial Trust and Gallant Ventures have returned to Singapore dollar bonds, bringing some much needed activity to a market that’s had a slow start to the year.
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The Republic of Philippines status as a safe haven from the recent bout of macro concerns has prompted renewed investor interest in the county. The increased optimism was reflected by Rizal Commercial Banking Corp’s (RCBC) bond two weeks ago, and another lender, Security Bank Corp is now looking to do the same after opening books on January 27.
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The UK is set to price a tap of its March 2058 inflation linked Gilt on Wednesday, while investors suggested that the case for a new type of inflation linked bond is growing stronger.
