UBS
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After a botched deal in January, China’s Powerlong Real Estate Holdings is back in the dim sum market, opening books for a Rmb1.5bn ($244m) three year paper on September 10. Gone is the issuer’s previously aggressive approach to pricing: the new deal is coming at a huge discount to its existing curve.
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Origin Energy, the Australian electricity and gas group that issued an innovative hybrid capital bond in euros in 2011, returned to the market on Monday with a much more conventional — and hence, in the present climate, crowd-pleasing instrument.
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Belgian aluminium supplier Corialis will launch its €483m loan by Wednesday this week to avoid clashing with another borrower’s bank meeting.
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The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.
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Australian gaming products maker Aristocrat Leisure is eyeing the US market for a $1.3bn seven year senior secured term loan. The company plans to use the money to fund its acquisition of US gaming operator Video Gaming Technologies and to refinance debt.
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Santander and UniCredit reopened the door to the additional tier one market this week only to find what lay behind it was a very different dynamic from the one borrowers experienced before summer. An expected burst of supply is on the way and historically low coupons are causing investors to shy away from the AT1 from major European banks.
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The wave of acquisition financings kicked off this week as Marathon Petroleum exploited the recent sharp rally rates and caught investors in eager mood following the August lull.
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Corialis - KKR's Finedining Capital - Douglas Holding
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Bankers, investors and issuers alike have been keen to sing the praises of green bonds and other socially responsible investments during 2014. Nevertheless, the largest and most successful bond issue in Swiss francs this year — a Sfr1bn triple tranche from British American Tobacco, sold on Monday — came from a much-criticised industry.
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Beijing-based Oceanwide Holdings made its debut in the bond market on September 1, raising $320m from a five year non call three paper that was met with some scepticism by investors who questioned the firm’s future business plans.
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Corialis, the Belgian supplier of aluminium for domestic structures, is close to launching a €483m loan to back its buyout by Advent International.
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China Oceanwide Holdings Group (Oceanwide) has announced guidance on its debut international bond and will use part of the proceeds to fund a project in Los Angeles.