JP Morgan
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Two public sector borrowers managed to get euro deals done in the primary market ahead of the European Central Bank’s governing council meeting on Thursday, with World Bank issuing its biggest ever bond in euros longer than 10 years and Hamburg comfortably crossing the line despite an embarrassing start to the execution process. -
Europe’s corporate bond investors had the spectrum of credit ratings to pick from on Thursday, from A- rated Volvo Treasury down to German speculative grade fallen angel ZF Friedrichshafen.
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London-listed cruise operator and retirement services provider Saga has completed the first leg of a £150m recapitalisation led by Sir Roger De Haan, the son of its founder.
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State-owned Saudi Electricity Co is set to debut in the still nascent green sukuk market, making it only a handful of issuers across the world to do so.
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Two of the largest pension insurers in Finland have offloaded €283m of stock in Kojamo, a housing rental company in the country, tapping into yield driven demand for residential property companies during the pandemic.
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The Republic of Korea wowed investors in the dollar and euro markets on Wednesday, with a record $1.45bn-equivalent dual-tranche bond. The deal, split between 10 year dollar and five year euro notes, was priced at ultra-tight spreads — including a negative yield for the euro tranche. Morgan Davis reports.
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The World Bank has selected a trio of banks for a new 15 year Sustainable Development Bond (SDB), its first euro benchmark of its 2020/21 fiscal year. Elsewhere, the Republic of Korea scooped €700m with its return to the euro market after a six year absence.
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Bevco, an investment holding company (holdco) owned by the Santo Domingo family; French transport infrastructure company Holding d’Infrastructures de Transport and Irish safety conglomerate Johnson Controls drummed up €12.4bn of demand between them on Wednesday, as investors piled into high grade corporates in the primary market.
