Europe
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Three new issues from Polyus Gold, Rusal and Alfa-Bank were trading below reoffer, with investors blaming the aggressive pricing strategies of Russian issuers, rather than concerns about the US Treasury recommendations due on Monday. -
Private equity firm PAI's divestment of its majority stake in Kiloutou, the French equipment rental firm, is pumping supply into the term loan market this week through a secondary buyout. Meanwhile, PAI is itself funding its leveraged buyout of Albéa, a French beauty product packaging group, with a high yield pay-if-you-can (PIYC) bond.
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Just Group, the UK life insurance firm, said on Monday that it was looking to sell a rare tier three bond in the sterling market.
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Dermapharm Holding, the German pharmaceuticals company, has begun bookbuilding for its Frankfurt IPO with a price range that could value the business at up to €1.6bn.
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The UK government has left stakeholders completely in the dark over its plans for financial services after Brexit leading to calls from some EU politicians that the City try to bypass the stalled government talks and offer a payment for access to the bloc.
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China and the UK have still not announced the launch date of the London-Shanghai Stock Connect, but international investors are already positioning themselves to get the most out of the new link, Gary O’Brien, a senior custody banker at BNP Paribas, told GlobalRMB.
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The first issue of 2018 on London Stock Exchange’s Order book for Retail Bonds (ORB) is set to be a dollar offering from Burford Capital, the litigation finance firm.
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When talking to syndicate managers or investors about the first month of 2018, you may think that supply volumes in the euro investment grade corporate bond market have been unusually low. However, a comparison of previous January issuance levels suggests it has been a much more normal start to the year.
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International investors increase their stake in Chinese bonds and equities, Hong Kong Exchanges and Clearing (HKEX) records the second highest trading volume for its USDCNH futures, and Luxembourg Stock Exchange promotes green bonds issued by Agricultural Development Bank of China (ADBC).
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Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.
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