JP Morgan

China Mengniu Dairy Co hit the debt market straight after a profit warning, but still managed to attract investors to its $800m dual-tranche bond, tightening pricing on both portions by 80bp.

Ocado, the UK online grocery delivery platform, has raised £1bn by selling new shares and convertible bonds to fund its expansion plans amid a huge increase in demand for its services during the Covid-19 pandemic.

International Container Terminal Services (ICTSI) raised $400m in the international bond market on Wednesday despite the Covid-19 pandemic challenging the Philippine issuer’s transaction.

Unédic, the French unemployment agency, raised €4bn on Wednesday with a November 2029 social bond — its third under its new funding programme, which consists entirely of social bonds.

Snam, the Italian gas network company, issued a €500m transition bond on Wednesday, which was three times oversubscribed and priced through its curve, suggesting that this controversial instrument is of interest to many investors.

Two sovereigns pulled off successful deals on Wednesday, adding to the pile of syndicated European government bond issuance this week.

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.

UPL Corp broke a month-long absence of Indian issuers in the international debt market, raising $500m from investors.

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.

The UK Debt Management Office launched a syndication on Tuesday, printing a new October 2050 line and raising £9bn.

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.