Saudi Arabia re-wrote the record books with its debut in the international markets last week as it sold the biggest emerging markets bond deal in history, establishing a new benchmark for the Middle East in the process.
Lukoil looks set to become the latest issuer to tap into growing demand for Russian paper, with the oil giant close to pulling the trigger on a deal that has been delayed for the past two years.
When private equity firm KKR set its sights on a small Midwestern retailer in late 2015, it turned to some of the largest banks on Wall Street to obtain debt financing for the acquisition. It found no takers.
Investors from all corners of the capital markets piled into Sprint’s US$3.5bn of spectrum-backed bonds last week, giving the loss-making telecoms carrier a much-needed liquidity boost.
League table manipulation is one of the greatest issues facing investment banking, according to the UK market regulator. The Financial Conduct Authority’s report into investment banking seemed to declare the issue more important than the apparent corruption in IPO allocations it discovered through extensive analysis, or reciprocity between banks, which it said exists but does not stifle competition.
Investors’ tolerance for riskier sterling deals is waning fast in the primary bond market, as telecoms services outfit Daisy pulled a high-yield corporate bond and insurer JRP Group had to offer a punchy 9% yield to get a capital trade over the line.
Citic Group’s ¥100bn (US$964m) Samurai bond issue smashed records for a Chinese issuer in the Japanese market. It could have been even larger.
Banca Monte dei Paschi di Siena subordinated bond investors are resisting recapitalisation proposals that could see their holdings swapped into equity in the troubled bank.
ZTO Express may beat its US$1.3bn target from the biggest US listing from China in two years after generating a strong response early in bookbuilding.
Cross-border leveraged loans that comprise euro-denominated facilities and US dollar-denominated facilities are seeing the euro tranches priced cheaper than the dollar pieces, as borrowers take advantage of the abundant liquidity on offer in the European market.