Banks
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Mengniu Dairy, a Hong Kong-listed Inner Mongolia-based dairy and ice cream manufacturer, churned out its second Rmb1bn ($141m) super-short term commercial paper on Thursday. -
Universal Scientific Industrial (Shanghai) (USI), a subsidiary of Taiwan’s Advanced Semiconductor Engineering, is making its debut in the offshore market for a $300m-equivalent loan.
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E.On has opened a new era. While several investment grade companies have printed bonds at negative yields before, few have come close to the -0.149% at which the Baa2/BBB rated German power company reached with the five year wing of its €1.5bn dual tranche deal on Wednesday.
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JP Morgan announced the terms of a massive tender offer this week, as supply slowed to a trickle in the US dollar market.
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Europe's bond market reopened for the autumn issuance season this week — but it is a new bond market. The summer's queasy bout of bearishness has pushed government bond yields to unprecedented lows and these are now for the first time being tested as a platform for private sector bond issuance.
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Market participants expect more banks will now want to print Kangaroos after investors on a search for yield poured into UBS's additional tier one (AT1) deal on Tuesday. The syndication, which surprised those involved after it managed to shave 75bp off its initial pricing guidance and attract A$4bn ($2.71bn) of orders, suggested a market ripe for a deal spree.
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Volkswagen Financial Services printed a £300m 3.25 year bond on Thursday that was twice oversubscribed. It has not been long since the A3/BBB+ rated German carmaker came to the sterling market. Only last month it sold a £350m three year note.
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KfW brought its revamped green framework to the Norwegian krone market to print a deal on Tuesday. Later that week, strong demand from domestic and international investors let the issuer increase the note to a record breaking size, printing the largest Nokkie green bond across any asset class.
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Banks like Goldman Sachs have positioned corporate broking as part of a wider, integrated offering to clients — a strategy that appears to be the future of this traditional UK line of business, writes David Rothnie.
