Citi
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Equity collars rarely make a public appearance in Asia’s capital markets. but Citi has shone a light on the product, after using a block trade to hedge its position in a collar it had structured for a high net worth client. Bankers think the deal will drive more demand for the structure. Jonathan Breen reports. -
The Republic of Lithuania joined the ranks of top tier emerging markets issuers proving their access to bond markets in the teeth of the coronavirus pandemic on Tuesday, as it broke its issuance record with a €2bn dual tranche trade.
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The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.
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Any impression that the European corporate bond market was returning to more measured levels of activity was zapped on Tuesday, when five new issues were launched that had to squeeze more than €35bn of bids into just €6.25bn of paper.
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The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
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Diageo, the UK distiller, visited the booming dollar bond market for $2.5bn on Monday, as Europe’s syndicate bankers say they are getting more requests from companies to print debt on the other side of the Atlantic.
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The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.
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Last week, IDB Invest raised $1bn with its largest deal ever, a $1bn two year fixed rate bond. Although the proceeds of the bond will not be segregated from its regular funding, the issuer is adding a “Covid-19 lens” to the framework used to assess its development effectiveness.
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The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.
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US companies Amphenol Technologies and Air Products and Chemicals have mandated banks for euro bond issues, as bankers expect Reverse Yankee issuance to rise after a spell of record-breaking volume in the dollar market.
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Adani Electricity Mumbai has decided to close its debut offshore borrowing as a club deal with eight banks, bringing an end to long-running discussions about a possible syndication.
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