Bank of America
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WPP, the UK advertising group, launched its first bond of the year on Monday, hitting the market without warning and raising €750m. The strong reception to the deal suggested investors were not worried about buying into a company in a cyclical industry, despite Europe’s economic weakness, nor into a UK name, in the week that Scotland may vote to break up the union.
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Korea Western Power (Kowepo) opened books for a five year dollar bond that is capped at $300m on Monday morning. The Reg S issue is getting good traction, with the order book standing at $750m by early afternoon. -
ICICI Bank took the market by storm on September 11 by pricing a $500m 5.5 year deal with a coupon of just 2.5% – the lowest ever achieved by an Indian lender.
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Sovereign, supranational and agency borrowers this week enjoyed conditions that smacked of the exuberance of 2006 and 2007, but those issuers wanting to take advantage of supply-starved investors next week will have only a narrow window — as a Federal Open Market Committee meeting, a holiday in Japan and Scotland’s vote on independence will make opportunities for issuance few and far between.
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Agence Française de Développement this week became the first supranational or agency issuer to raise €1bn with a green new issue in euros at the long end of the curve, while the European Investment Bank priced a tap of a November 2026 Climate Awareness Bond in Ecoop format. That came just a week after it sold the original deal, which is its longest benchmark Climate Awareness Bond in euros.
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Chilean bank CorpBanca and BBVA’s Peruvian arm began investor meetings on Thursday as the September rush to market gathered pace in Latin America.
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Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.
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Deutsche Lufthansa, Germany’s national airline, launched its first bond since 2009 on Friday September 5, at the remarkably tight spread of 75bp over mid-swaps — showing just how valuable a loyal following of domestic investors can be.
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Euro investors lapped up a second helping of Australian infrastructure bonds on Thursday, placing more than €3.1bn of orders for an inaugural 10 year deal from rail freight operator Aurizon.
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The investment grade market was a story of the haves and have-nots as investors showed signs of fatigue amid a deluge of supply.
