Citi

The new-look Fox Corp made its dollar bond debut this week as the technical backdrop in the investment grade continued to improve with tightening spreads and thinner new issue concessions.

Citi said it had appointed David Livingstone, the bank’s chief country officer for Australia and New Zealand, as chief executive of EMEA, succeeding Jim Cowles.

Turkey’s export-import bank (Turk Eximbank) raised $500m with a five year bond on Wednesday, becoming the first Turkish borrower, apart from the sovereign itself, to access the market since the lira crisis. The deal benefitted from a relief rally following a Turkish central bank meeting on Wednesday.

The Province of Ontario will this Friday be the fourth SSA from Canada to visit a very strong dollar market this week, after CPPIB Capital printed on Monday, Alberta on Tuesday and the sovereign made a rare visit on Thursday. Dexia Crédit Local also printed in the currency on Thursday and SSA bankers are confident of more supply next week.

Technology M&A will continue to power corporate finance activity in 2019 but, as deals increasingly cross sectors, banks are having to re-tool their coverage and break up internal silos, writes David Rothnie.

Turkey’s export import bank raised $500m on Wednesday, returning to the bond market for the first time since the Turkish currency crisis in 2018, benefiting from a relief rally following the Turkish central bank meeting on Wednesday.

Hong Kong-listed Lenovo Group has given Asia its first real taste of equity-linked issuance for the year. The firm raked in $675m from its debut convertible bond (CB) after a flood of investors turned out for the deal, and as bankers gear up for more issuance. Jonathan Breen reports.

A year on from selling its first green hybrid bond, French energy company Engie returned to sell another with a slightly longer call date. Demand for the product has remained strong, but the difference in coupons showed how pricing has changed despite the borrower paying virtually no premium over the company’s secondary bonds.

The super-hot dollar bond market is set to welcome a pair of SSAs on Thursday — including a rare name in the currency — after a mid-week lull in issuance.

Export Development Canada will head out for a roadshow next month for its first benchmark in euros, taking advantage of the attractive market conditions for issuing in the currency for dollar funders. More deals could follow from debut and rare issuers in euros, with several borrowers looking “closely” at the cross-currency basis swap, according to bankers.

Turk Eximbank has released initial price guidance for a $500m five year senior unsecured bond.

Lenovo Group boosted the size of its debut convertible bond to $675m after a flood of investors turned out for the deal, according to bankers on the mandate.