Bank of America
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Monday’s combination of heightened worries over North Korea and the Labor Day holiday in the US saw only one new issue in the European corporate bond market. However, with no new developments from the Korean peninsula overnight, five issuers decided to push ahead with trades on Tuesday. -
Two levfin issuers, Sebia and Refresco, this week added €3bn to an already large pipeline of euro and dollar-denominated leveraged loans being touted around a bustling European market. But some bankers are fretting that underwriters face little room for mistakes if pricing widens.
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The European high yield bond market returned from its summer break to €2.8bn of new bond offerings this week, including a sub-benchmark sized note from Delaware’s Kronos International on Monday.
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After months of preparation, one of this year's most highly anticipated European IPOs got going on Monday, when Pirelli, the 145-year old Italian tyre maker, announced its intention to float on Borsa Italiana.
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Public sector issuers navigated a choppy start to the week to print strong dollar trades, but some SSA bankers worry that the problems that brought that early volatility are far from resolved.
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A record-breaking month of high-grade dollar bond supply fizzled out as Hurricane Harvey, North Korea and the holiday season kept a firm lid on issuance.
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Japan Finance Organization for Municipalities breezed through a short dated dollar trade on Thursday, picking up a more than doubly subscribed book at what bankers away from the trade put at a low single digits concession.
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BDO Unibank set a new record on Wednesday with a $700m bond, the largest dollar deal ever from a bank in the Philippines and a rare transaction from the island nation this year. Although few expect a rush of Philippine credits in the dollar market as a result, there is some hope next year will set a new pace. Morgan Davis reports.
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A pair of issuers sold high quality euro deals into an eager market on Wednesday, drawing praise from onlookers for impressive books.
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Kommunalbanken made what bankers away from the trade described as an “excellent” choice of tenor with a dollar benchmark on Wednesday as it tightened pricing from guidance — something that not every issuer has been able to achieve in the currency over the last two weeks. Meanwhile, a Japanese issuer mandated for a trade that bankers expect to go well despite geopolitical tensions in Asia.
