Citi
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The fourth quarter began on a rocky note for global equities but the US high grade bond market has shrugged off concerns about stalling growth and issuance conditions remain strong. -
Investor sentiment is turning against primary emerging market bonds. Investors’ newfound discipline, a host of new issues in the market, and a volatile backdrop has meant that several trades this week were letdowns. Now, investors are vowing to be more cautious in the coming weeks. Even if US rates are cut further, yield no longer trumps all other concerns, writes Francesca Young.
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The European Bank for Reconstruction and Development has issued a synthetic Tunisian dinar-linked note, the longest ever offshore issue in the currency, according to the swap market structurer.
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Finland’s Mesto has signed €800m of revolving credit facility, as the industrial machinery company builds up its cash war chest in preparation for its partial demerger.
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The financial institutions bond market has absorbed an enormous volume of supply over the past month, putting a strain on trading levels for outstanding securities. FIG bankers nonetheless expect that spreads could start to tighten once more in the coming weeks, amid a calmer flow of new issuance.
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Nordgold and Veon Holdings both printed bonds on Wednesday. But a difficult market backdrop forced Veon to print at a smaller size than expected and at a wide end of revised guidance. The execution of Nordgold’s bond seemed smoother, but investors said it was struggling to stay above reoffer on Thursday morning.
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Three Chinese companies joined the queue to list in the US within the past week. Youdao, an online education platform founded by Chinese technology company NetEase, is planning the largest of the IPOs, seeking up to $300m.
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Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.
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The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.
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A pair of CEE corporates, Veon Holdings and NordGold, released initial price guidance for bonds on Tuesday, both offering paper after a break from international issuance.
