Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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The bank's regular appearances in primary markets stopped after Russia invaded Ukraine
Japanese government bond yields have risen during the last few months
BSTDB has had a tricky time since Russia attacked Ukraine, both of which are shareholders
Demand peaked at six times the deal size, but many orders dropped out
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Poland e-commerce platform Allegro has completed its Z2bn dividend recap refinancing, receiving healthy oversubscription with the participation of local lenders. But some in the market said that co-operation between international and local lenders in Poland has not been all sunshine and rainbows. -
Novolipetsk Steel (NLMK) placed a $500m seven year bond on Wednesday inside its own curve and at its tightest ever spread to the Russian sovereign, according to a lead manager on the deal.
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US Energy Secretary Rick Perry said on Tuesday that a sanctions bill restricting companies involved in Russia's Nord Stream 2 project would come in the “not too distant future”. That left investors wondering how and if this will affect their portfolios as bond bankers dredged up memories of when Nord Stream 1 was on track to print its own international bond through BNP Paribas before capital markets sanctions were imposed on Russia in 2014.
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Novolipetsk Steel (NLMK)’s $500m seven year bond drew a book in excess of $1.5bn on Wednesday morning allowing leads to tighten initial guidance, which they said offered a 30bp new issue concession.
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Loan bankers are coming to the painful realisation that emerging markets borrowers will be increasingly drawn to the bond market this year. Conditions there are becoming ever more attractive, perpetuating a decline in global loan volumes. But those companies abandoning loans for bonds should bear in mind the advantages of the loans market, not least its resilience.
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NLMK, the Russian steel producer, is likely to keep its approaching benchmark small and tightly priced, according to an investor who met with the borrower on Monday.
