UBS
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Belgium, KfW and the European Financial Stability Facility could be first in line with euro benchmarks after issuers largely avoided a tricky time this week that included German holidays, a European Central Bank rates decision and uncertainty over the stand-off between Ukraine and Russia.
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Danish outsourcing firm ISS was covered on its Dkr8.1bn ($1.5bn) IPO on Wednesday, the first day of bookbuilding, with a chunky discount helping it to a better start than in previous attempts to list. -
Promsyvazbank (PSB) postponed its tier two dollar bond on Monday because of growing tension between Russian and Ukraine, but the borrower has every intention of returning to market once conditions improve. The Republic of Azerbaijan, meanwhile, has pushed on with investor meetings although it will likely face higher spreads for its inaugural dollar sale unless the situation is resolved soon.
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Nationwide Building Society’s sterling additional tier one trade attracted what bankers on the deal said was the largest order book ever for a sterling trade from a financial organisation. The success of the trade — the first sterling AT1 — and it’s unique structure could open up the market for a variety of different issuers, according to bankers on the deal.
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The appeal of long-dated debt is on the rise in Swiss francs, with a return to the market from New Zealand's Auckland Council this week drawing strong demand as a result of its 12 year maturity. The issuer was able to easily reach its size cap at a tightened price.
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Pork processor WH Group’s $6bn Hong Kong IPO is likely to come in April, according to a banker close to the trade.
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A nearly 10 times subscribed book for ASM Pacific Technology’s HK$2.4bn ($309m) 2019 convertible bond this week showed that investors remain keen to get their hands on equity-linked product in what was the second transaction in two days.
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Beijing based iKang Healthcare Group filed for a $150m Nasdaq IPO on Monday as the list of Chinese companies looking to tap the US equities market for funding continues to grow.
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Two big-name Chinese SOEs announced offerings in the offshore renminbi market on Thursday.
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Obrascón Huarte Lain, the Spanish construction and concessions group, pounced on a super-tight high yield market today to issue a €300m bond, and found demand so strong that it was able to increase it to €400m.
