JP Morgan
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Banks bombarded the dollar market this week with a rich variety of trades in what promises to be a busy run-in to the end of the year with investors still in the hunt for primary deals. -
The dollar bond market is wide open for companies to take advantage of strong demand and a rally in spreads, boosting hopes for a busy end to a record year for investment grade issuance.
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Opportunistic corporate issuers had a strong week of it in Europe's bond market, increasing deal sizes and enjoying bulging order books as investors turned positive on the outlook for the market.
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BPCE incorporated a call option into one of its Samurai deals for the first time on Thursday, when it raised about $430m equivalent of non-preferred senior paper, including one social leg.
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Grand City Properties, a German real estate company, opened books on a hybrid trade on Thursday, leaving some corners of the market surprised that investors would still be open to taking on high beta assets this late in the year.
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Peruvian billionaire Eduardo Hochschild has sold a chunk of his stake in Hochschild Mining, the London-listed gold and silver mining company, raising £123m.
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Smartphone maker Xiaomi Corp pocketed $3.96bn this week from a record top-up placement and concurrent convertible bond issue. Investors flocked to the transaction for its rarity value, investment grade rating and the offer of a liquid and volatile stock. Jonathan Breen reports.
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Chinese state-owned electricity company China Huaneng Group Co sold two tranches of perpetual bonds on Wednesday, raising $1bn.
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Opportunistic corporate issuers had a strong day of it on Wednesday in Europe's bond market, increasing deal sizes and enjoying bulging order books as investors turned positive on the outlook for the market.
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Turkey's largest city, the Istanbul Metropolitan Municipality, hit markets on Wednesday, seeking to raise dollars in a rare debt-raise. The deal is one of three major bonds from Turkish issuers in the last week.
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Chinese smartphone maker Xiaomi Corp has raised $3.96bn from a concurrent top-up placement and convertible bond issue.
