JP Morgan

The enduring health of the dollar new issue market was on display this week as companies emerged from earnings blackout to front-load funding ahead of the latest meeting of the Federal Reserve’s open market committee.

Australia announced a bumper funding programme for 2020-21 on Thursday, almost double its previous effort. Two days earlier, the sovereign surprised the market with a long end deal that attracted a substantial amount of offshore interest.

Oliver Clarke is set to join the FIG syndicate team at JP Morgan, after leaving his position at Deutsche Bank.

A flexible approach to its $750m bond paid off for India’s Adani Ports and Special Economic Zone, which navigated weak market sentiment and demanding investors by changing its tenor, size and price expectations. Morgan Davis reports.

Australia surprised the market on Tuesday with a bumper long end deal that attracted a substantial amount of offshore interest. The deal comes just as New Zealand sets a date for its for its next syndicated deal.

India’s Adani Ports and Special Economic Zone proved its willingness to be flexible this week, changing its planned tenor and offering a decent concession to secure demand for a $750m bond.

Country Garden Holdings Co, one of the biggest Chinese high yield property borrowers, returned to the bond market with a dual tranche deal on Tuesday, raising a combined $1bn from the transaction.

Chinese pharmaceutical company WuXi AppTec has raised HK$7.37bn ($950.4m) of fresh equity, in a hotly-anticipated tap of a new mandate to issue A-shares and H-shares.

STMicroelectronics, the French-Italian semiconductor maker, has raised $1.5bn through the sale of new convertible bonds, the company said on Tuesday.

Australia has launched its second syndication of its 2020-21 fiscal year on Monday morning, Sydney time, extending its curve out to 2051 with a new benchmark.

Li Auto, a Chinese electric vehicle maker, has opened books for an offering of American Depository Shares (ADS) on the Nasdaq.

Wordline, the French payments company, has returned to the equity-linked market to sell a new five-year €600m convertible bond at a negative yield.