JP Morgan

Mongolia returned to the dollar bond market on Monday, ending a nearly three year hiatus. The sovereign borrower pulled off a $600m liability management exercise that has taken care of the country’s upcoming bond maturities.

French semiconductor maker Soitec has returned to the equity-linked debt market with a new €325m five year convertible bond, after a rally in its share price since March.

Experian Finance, a credit scoring company, was out in the sterling bond market on Monday as a slew of euro corporate bond mandates hit screens. But the flurry is unlikely to lift a lacklustre September and a final quarter issuance window stymied by the US election means that analysts expect euro debt volumes to be almost flat on 2019.

Adidas, the German sportswear company, has mandated for a €500m no-grow debut sustainability bond, its third issue since it obtained credit ratings over the summer.

Caesars Entertainment, the US casino operator, is in advanced talks to buy UK gambling company William Hill for £2.9bn in cash. The deal will be financed with an equity raising by Caesars of about $1.7bn and a new $2bn non-recourse loan, secured on William Hill's non-US assets. It may be the start of a cascade of M&A.

South Korea's Big Hit Entertainment, the talent manager behind globally-popular boy band BTS, has sealed the country’s largest listing in three years as investors continue to flock to Korea's IPO market.

The Kingdom of Morocco raised a €1bn bond on Thursday, which was priced wider than some analysts' fair value estimates. Market conditions, bankers said, are deteriorating ahead of expected volatility in coming months.

Hipgnosis Songs Fund, the London-listed investment trust focused on music royalties, has concluded its latest share sale, raising £190m, less than its £250m original target.

Bank of America and Toronto Dominion tapped into investor demand for bonds linked to environmental, societal and governance (ESG) projects this week.

Turbulent conditions forced several banks to delay bond issuance plans this week, and one even pulled a transaction after launch. Deal flow is likely to pick up again soon, but the cost of funding is certain to be higher, writes Tyler Davies.

Rating: Aaa/AAA/AAA

The Asian Infrastructure Investment Bank and the New Development Bank, two relatively new supranational borrowers with a focus on the emerging markets, made a big splash in dollars this week as they continue to build out their curves. The issuers managed to achieve strong results despite facing worse volatility than expected as markets soured amid rising fears over the coronavirus pandemic.