IFR Capital Markets Week Forward
IFR Capital Markets Week Forward - October 17, 2016
By Gareth Gore
LONDON, Oct 17 (IFR) - Arising in capital markets this week:
LARGE DEBUT Saudi Arabia is broadly anticipated to launch its first-ever worldwide bond sale once every week-long investor roadshow comes to an in depth on Tuesday. A collapse in oil revenues has already pushed the dominion into taking out a US$10bn bank loan and the debt sale will open up one other source of funding for Riyadh to fill its gaping fiscal hole, which at US$97bn last yr - some 18% of GDP - was one of the largest on the planet.
Citigroup, HSBC and JP Morgan are main the three-tranche deal of 5, 10 and 30-12 months paper. And it may very well be a big one: Argentina's US$sixteen.5bn bond sale earlier this yr illustrated simply how much demand there's for emerging market sovereign publicity, and Saudi will be eager to tap into that. However, with plans to change into an everyday issuer, Riyadh might be sensible not to fill its boots all at once. WELL NICELY NICELY It's D-Day for PDVSA, because the deadline on a US$5.3bn bond swap passes today. The Venezuelan state oil agency hopes that swapping bonds maturing subsequent yr for ones that will be repaid in 2020 will reduce it some monetary slack at a time when low oil costs has left it dealing with an acute money circulation problem. The swap was supposed to shut last week, however was prolonged on the final minute. Whether that was attributable to insufficient demand or simply to tempt more should soon turn out to be clear. DRUG CASH China Sources Pharmaceutical Group hopes to cost its Hong Kong IPO on Thursday, the newest bumper itemizing to return out of the mainland. The drugmaker, a subsidiary of state-backed conglomerate China Sources (Holdings), is focusing on proceeds of up to HK$15.6bn (US$2.02bn). Final week, the deal attracted mixed cornerstone investment of about US$916m from eight investors. ON YOUR MARKS Having burned via money to battle off competition and with US$2bn of maturities coming due in December, Sprint hopes to extend liquidity this week by selling off bonds backed by a few of its wi-fi spectrum. Selling asset-backed paper should imply lower borrowing prices for the junk-rated telecoms provider. It is eyeing yields of around 5%, considerably decrease than what it is used to paying within the high-yield market. DEJA VU Jeffrey Bradley has already taken two firms public in his career, and the Forterra chief executive hopes to make that three on Wednesday. The water and sewer pipe firm is hoping to lift US$386.4m from its New York listing, in a deal that may increase funds to repay debt, together with part of a senior time period mortgage expanded to pay a US$345m dividend to personal fairness proprietor Lone Star in June. SHRUGGING IT OFF Banco de Credito Social Cooperativo shall be meeting traders this week to market a Tier 2 transaction. The Spanish banking group, which incorporates Cajamar and dozens of different small regional lenders, clearly hasn't been put off by jitters which have caught out other such offers. There's nonetheless no signal of a Tier 2 from Credito Valtellinese which was mandated in September, and Credem's deal last week failed to materialise. RESULT! Financial institution of America, Goldman Sachs and Morgan Stanley will report third-quarter earnings. All eyes might be on whether or not they can mirror the surge in investment banking revenues seen at JP Morgan or whether it is extra the blended image reported by Citigroup last week. US banks are extensively anticipated to situation bond deals as soon as the earnings season is out the way in which. The first of these might come this week. BEGINNER ON THE TOWN The sterling high-yield market looks set to welcome a newcomer this week, with a company in the telecoms, media and expertise sector planning a debut situation, in keeping with bankers. The company had deliberate to come last week, but had to delay. The last TMT issuer to tap the sterling excessive-yield market was Virgin Media, which priced a singular receivables-backed deal on September 29. Last week in numbers Four - European listings cancelled, restructured or delayed final week zero - Quantity of Verallia cost-in-kind toggle bonds sold US$1.86bn - Funding banking charges earned by JP Morgan in Q3 US$21bn - Capital increase being eyed by Chinese brokerages IFR Awards Dinner - desk booking now open The twenty second Annual IFR Awards Dinner takes place on January 24 at Grosvenor Home, London. It can see 1,000 of the world's most senior and successful capital markets professionals gather to have a good time industry excellence. And, this yr, we are happy to welcome back HRH The Princess Royal in her capability as President of Save the Children. Visit to guide your desk. As with yearly, tables are allocated on a primary-come, first-served foundation - so it is advisable to guide early. (Reporting by Gareth Gore; Editing by Ian Edmondson)
Next In Financials
LONDON, Oct 22 Britain's biggest banks are getting ready to relocate out of the UK in early 2017 due to fears over the impending Brexit negotiations, whereas smaller banks are planning to get out earlier than Christmas, the chief government of the British Bankers' Association Anthony Browne stated.
MORE FROM REUTERS
Trending Tales
Search Engine Rankings
 |
0 comments:
Post a Comment