JP Morgan
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Nationwide Building Society was able to tighten pricing by 50bp on the sale of an additional tier one bond on Wednesday, landing at a 5.75% coupon. The new issue will increase the bank’s leverage ratio, which went down last year amid a net redemption of tier one debt. -
The Republic of Albania won a €3bn book for its bond market return on Tuesday, whittling down pricing to a yield of 3.625% for its seven-year deal.
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UPL Corp broke a month-long absence of Indian issuers in the international debt market, raising $500m from investors.
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Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.
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The UK Debt Management Office launched a syndication on Tuesday, printing a new October 2050 line and raising £9bn.
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Unédic is preparing to issue its second social bond following its debut trade in the format less than a month ago — itself the biggest social bond ever from any issuer.
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There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).
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Northern Powergrid, the UK energy distribution company, brought the longest sterling deal of the year so far with a 42 year trade on Tuesday, as syndicate bankers say that European investors are keen to see more long duration trades.
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The Republic of Albania returned to the euro bond markets on Tuesday after more than a year and a half away, seeking a seven year deal.
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Hong Kong’s Champion Reit sold a tightly priced $300m bond on Monday, enticing investors with its rarity in the international market.
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Korea Electric Power Corp (Kepco) returned to the green bond market on Monday, raising $500m on the back of a book that was 10 times oversubscribed.
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The corporate bond market made a promising start to the week with oil company OMV’s dual tranche bonds and Deutsche Börse’s hybrid trade commanding sizeable books and big price moves, which bodes well for the spate of mandates that have landed on investors’ screens.
