JP Morgan
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Any fears about the resilience of the US corporate bond market were set aside on Thursday when Verizon Communications amassed a $115bn orderbook and printed one of the biggest deals of the year.
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European banks will exercise extreme caution in dollars after an ill-fated senior deal from Swedbank this week. It could signal the end of a long run of ultra-easy borrowing conditions in US credit markets, with severe volatility stemming from fears of rising interest rates. Tyler Davies reports. -
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Ahold Delhaize, the Dutch-Belgian supermarket group, priced its debut sustainability-linked bond 7bp inside fair value on Thursday, despite tricky conditions in the corporate bond market, showing that investors are gaining an appetite for SLBs and like new flavours, writes Mike Turner.
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Bank issuers are increasingly interested in the idea of selling tier two bonds in green formats. But green additional tier ones are unlikely to bloom.
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Coupang, a South Korean e-commerce company, scooped up $4.2bn from its IPO this week, after pricing the deal above the marketed range. It is the largest US listing from Asia since Alibaba Group Holding raised $25bn seven years ago.
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Swedish pharmaceutical company Oncopeptides has placed Skr1.1bn ($132m) of new shares to finance the commercialisation of its lead product candidate in the United States, and the development of other treatments.
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Swedbank got stuck at initial price thoughts for a $750m three year preferred senior bond in the dollar market this week, having been forced to drop a longer dated leg from its offering.
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Oman's Bank Muscat this week returned to debt markets after a brief hiatus to sell a dollar bond. The deal was one of only a few across CEEMEA this week, as market participants say interest rate volatility is still deterring issuance.
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South Korean e-commerce company Coupang has increased the price range for its US IPO a day before wrapping up the deal, now putting proceeds of up to $4.08bn within reach.
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Ahold Delhaize, the Dutch food retailer, has mandated banks for a debut sustainability-linked bond, as it continues to push its capital structure towards socially conscious financing.
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Bookrunners for APA Group, the Australian gas and electricity company, had a rough time in the euro and sterling bond markets on Tuesday, and they only managed to nudge spreads tighter.
