JP Morgan

After making its highly anticipated debut in the international capital markets with a dollar benchmark this week, New Development Bank is looking to build a diversified funding programme, with euro and sterling-denominated bonds on the agenda for 2020. The new supranational has also set itself a target to become a triple-A rated issuer.

China Pacific Insurance (Group) Co became the second company to use the London-Shanghai Stock Connect scheme this week, listing Global Depository Receipts on London’s bourse. The deal could spur further London-bound issuance by Chinese firms, according to bankers in the UK and Asia. Jonathan Breen and Aidan Gregory report.

European banks joined a flurry of US corporates in the dollar bond market this week, capitalising on favourable conditions to issue deals in large sizes and at negative new issue premiums.

The Asian equity-linked bond market was flooded with deals on Wednesday as Far East Horizon, 3SBio and China Mengniu Dairy tapped investors for a combined $760m.

It was another scorching day in Europe’s high grade market on Wednesday following further central bank-created exuberance, as investors piled more than €55bn of orders into deals from across the spectrum of ratings and sectors.

Legal & General’s order books peaked at over £4bn ($4.96bn) as it made its first sale of restricted tier one (RT1) capital this week, joining many of its UK peers in the asset class. The insurer used the popularity of its trade to tighten the pricing and leave no new issue premium behind.

State-owned Hungarian Development Bank (HDB) on Wednesday launched a euro-denominated benchmark bond. The bond marks the third entry into the market by the Hungarian sovereign or one of its entities during the coronavirus pandemic.

Sovereign, supranational and agency bond issuers are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued, specifically in response to the coronavirus pandemic.

China National Petroleum Corp (CNPC) has returned to the dollar bond market after a six year absence, selling a three-tranche deal that generated $21bn of orders at the peak.

Philippine telecommunications company PLDT made a stellar return to the debt market on Tuesday. It raised a modest $600m but received orders of more than $11bn at its peak, as investors fought for a piece of the rare issuer.

A spate of real estate and government-linked borrowers from Greater China flocked to the dollar bond market on Tuesday.

China Pacific Insurance (Group) Co has raised $1.81bn from its listing of Global Depository Receipts, becoming just the second company to use the London-Shanghai Stock Connect scheme.