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Foreign corporate issuance running at record high
Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March
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Apart from a few avant-garde programmes and players, green finance has only recently begun to be noticed in the short term debt markets, but that looks set to change rapidly. GlobalCapital spoke to Thomas Callahan, head of BlackRock’s global cash management business, about how he expects green commercial paper and ESG investing to develop.
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Pakistan’s Water and Power Development Authority (Wapda) is planning to sell its debut dollar bond in late March, in what would be a rare international corporate outing from the country.
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The Hong Kong regulator’s plan to overhaul the bookbuilding and allocation process for equity and bond deals has some worthy goals. But it is unnecessary for a market that has proven able to clean its own house.
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H&M, the Swedish fashion company, has sold a sustainability-linked security for its debut outing in the bond markets. This is an encouraging step, but the fashion industry has a lot more work to do to clean up its look.
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US private placement agents have struggled to attract their typical stable of well rated corporates to their market this year. Public bond markets have proven too cheap for PP funding to compete and the European wing of the market has suffered as a consequence. But instead of waiting for the scales to tip back, agents should find new European borrowers from the financial institutions sector.
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Participants in Europe’s high grade bond market have been left scratching their heads about the performance of a Becton Dickinson €600m 15 year bond since it was issued last week. The spread has come hurtling in by 20bp, despite bankers away from the deal saying they would probably have valued it similarly to the leads.
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