Alibaba Group wowed the markets last Thursday with the largest US dollar bond sale on record from an Asian company, pricing its US$8bn debut at levels even tighter than some of the world’s best-known issuers.
CGN Power, China’s largest nuclear energy producer, is so confident of securing orders for its US$3bn Hong Kong IPO that it has limited most of its bookrunners from pre-marketing the deal.
When Abengoa unveiled its “Abengoa 3.0” strategy to investors at the start of September, the Spanish clean energy firm promised a “game-changer” that would reduce its cost of capital and boost its equity valuation.
Restructuring specialists are approaching Towergate’s bondholders after the UK insurance broker’s bonds plummeted to fresh lows on news that it had fully drawn its revolving credit facility, casting doubt on whether it can continue as a going concern.
The US$1.6trn per day repo market is facing calls that it be moved into a centrally cleared framework as soon as possible as new Basel Committee rules threaten to further crimp a business already under severe constraints.
Credit Bank of Moscow underlined the new reality facing Russian issuers when it paid an eye-popping yield of 16.5% on a new Rbs5bn (US$109m) 10.5-year Tier 2 rouble Eurobond.
New York City office REIT Paramount Group’s historic US$2.3bn IPO last week proved once again that success in real estate boils down to owning prime locations. By embracing the old real estate adage of location, location, location, Paramount received a boost from sovereign wealth funds that were interested in funding investments in Tier 1 property assets in the US. The deal is the largest ever US REIT IPO.
Two huge acquisition bridge loans have pushed global M&A lending to a post-crisis high of US$665bn so far this year as takeovers continue to flourish despite recent global market volatility and increased regulation.