Morgan Stanley
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Argenta Spaarbank, Belfius Bank and Jyske Bank took differing approaches to sell €500m no-grow senior bonds this week — Argenta offered a substantial new issue premium, while the latter pair pushed their pricing close to fair value. -
Kazakhstan’s state-owned oil company KazMunayGas raised a dollar bond on Wednesday, after what some investors described as a lengthy roadshow. KMG is the latest in a string of Kazakh borrowers that have come to capital markets over the last year to raise funding as investors develop an appetite for the central Asian country.
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Chinese peer-to-peer lender Lufax Holding filed IPO paperwork in the US on Wednesday for what is expected to be a jumbo listing.
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Southeast Asian bankers are enjoying a revival in primary equity raising, after three large deals were launched or set to be priced this week. Bankers are guardedly optimistic they can keep up the momentum. Jonathan Breen reports.
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Singapore-incorporated global energy business Puma Energy has pulled a planned dollar bond that was set to refinance an existing loan. The company attributed it to a lack of conducive market conditions, though investors say the issuer's credit story was unconvincing.
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Chinese companies Simcere Pharmaceutical Group and First Service Holdings have started testing investor appetite for their Hong Kong IPOs.
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Argenta Spaarbank attracted attention from investors with a 15bp new issue premium on Tuesday, allowing it to raise €500m of non-preferred senior debt for the minimum requirements for own funds and eligible liabilities (MREL).
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Risk appetite has returned to the high grade corporate bond market, with UK airport Heathrow and US drinks firm PepsiCo managing to move spreads by around 45bp during execution.
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Argenta Spaarbank announced plans for a new non-preferred senior deal on Monday, as it looks to take advantage of the supportive tone set by other rare borrowers last week.
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Philippines-based internet services provider Converge ICT Solutions has kicked off the roadshow for its up to Ps28.6bn ($590.4m) IPO, set to be the country’s largest ever public offering.
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Brookfield Asset Management is readying the IPO of its Indian real estate investment trust, which could raise up to Rp38bn ($519m) in primary proceeds.
