UBS

Book sizes for Tuesday’s offerings of senior fixed rate deals have fallen sharply, compared to the unusually swollen orders placed for new issues in recent days, but the market is still steaming ahead.

Global Ferronickel Holdings, the Philippines’ third largest nickel producer in terms of volume of nickel shipped, is seeking an IPO of around $300m on the domestic stock exchange having filed a preliminary prospectus with the regulator.

GIC, or the Government of Singapore Investment Corp, made its exit from Indonesia’s Pakuwon Jati on Monday night, selling its entire stake for Rp1.128tn ($89.2m). Launched to the market with little visibility on demand, the deal priced at the bottom of guidance as a strong rally in the company’s share price over the past year meant investors were not willing to pay up for the stock.

Philippines’ Ayala Land raised Ps16bn ($356.2m) through a top-up placement of shares on the evening of Friday, January 9, in what is the first sizeable block trade executed in the new year. Driven by reverse enquiry from investors, the deal saw strong demand from the market soon after books opened with shares holding up reasonably well in secondary trading.

Santander raised €7.5bn of equity capital in a block trade on Thursday January 8, the biggest ever outside the US, to put its core equity tier one ratio up to 10%. The deal was priced at the low end of the discount range and led to a very steep fall in Santander's share price the day after – yet won some admiration from rival banks.

Cytos Biotechnology, a Swiss company that has been struggling for years, has asked holders of its remaining convertible bonds to agree to a mandatory conversion to equity at a fraction of the original conversion price. Reaching a deal with bondholders is the company’s last chance to remain as a going concern.

Banco Santander leapt into an equity market this week that was otherwise empty of deals with a €7.5bn accelerated bookbuild, which bankers expected to be a huge success and an inspiration to other issuers.

Banco Santander leapt into an equity market this week that was otherwise empty of deals with a €7.5bn accelerated bookbuild, which bankers expected to be a huge success and an inspiration to other issuers, writes Olivier Holmey.

The Epiphany holidays in Europe on Tuesday may have disrupted the issuance calendar for the week, but that didn’t stop issuers from printing over €15.5bn of senior unsecured debt in just two days on Wednesday and Thursday.

Swiss Re highlighted a growing demand from Swiss investors for long dated paper this week, selling the longest ever senior unsecured Swiss franc bond from an insurance company.

Westpac successfully priced the first euro-denominated covered bond of the year on Thursday amid hopes that it will set a positive tone for next week — which is expected to be the busiest of the year. But with confidence still lacking following a string of underperforming deals issued at end of last year, there is still some trepidation that the supply glut will cause a further re-pricing.

Mitra Keluarga to gauge interest for $300m listing — AGS Transact hires banks for $200m IPO