JP Morgan

Southeast Asian bankers are enjoying a revival in primary equity raising, after three large deals were launched or set to be priced this week. Bankers are guardedly optimistic they can keep up the momentum. Jonathan Breen reports.

Swiss biotechnology company Idorsia has begun marketing for a Sfr575m at-market rights offer to fund the commercialisation of its lead product candidate.

The International Finance Corporation made a strong return to the sterling market on Tuesday by printing its biggest ever bond in the currency with a negative new issue concession, as issuance heats up thanks to an improvement in the cross currency basis swap for dollar and euro borrowers.

The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.

The Republic of Turkey on Tuesday raised a five year dollar bond that priced slightly outside of some fair value estimations. However, despite a series of negative events in recent months, including currency depreciation, investors are still keen on getting stuck into Turkish debt, investors say.

JP Morgan is opening up its front office investment banking desks to school leavers on its apprentice programme.

US investors shrugged off concerns over tensions between their country and China to support internet company Baidu’s $950m dual-tranche bond outing this week.

Europe’s investment grade corporate bond market is lining up more mandates, with German companies making up the bulk of new deals announced on Tuesday.

Sweden hit the dollar market on Tuesday, raising $2.5bn with a two year benchmark in what is likely to be the week’s only SSA dollar supply.

Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.

The Republic of Turkey hit screens on Tuesday with a dollar bond issue, which took some investors by surprise. Though Turkey may have had a rocky few months with credit downgrades and currency depreciation, the bond is expected to be received well by investors.

Just Group is hoping to strengthen its capital position by issuing a debut green bond in tier two format this week, while also buying back some of its existing tier three notes.