JP Morgan
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High grade corporates poured into the primary market on Monday, with sentiment noticeably higher as the first trial for a Covid-19 vaccine in the US and easing of lockdown restrictions in Europe cheered markets. -
Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.
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JP Morgan, the leading SSA bookrunner over the last five years, is clinging onto pole position for 2020, despite a mighty effort from Citi, which has topped the rankings since the Covid-19 pandemic began disrupting markets in earnest. But it is a far different picture in SSA MTNs with Scandinavians surging to the top, thanks to a growth in niche currency supply.
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Sappi, the South African pulp and paper company, decided just before lunchtime on Friday to cancel a €250m bond issue, judging the price it would have had to pay too high. The failure of this deal contrasts with the vigorous issuance by much riskier companies in the US market.
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Bank of America became the first global commercial bank to print a Covid-19 response bond this week.
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Charoen Pokphand Group has launched a $7.15bn-equivalent loan into general syndication after attracting five banks at the senior level.
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Public sector borrowers piled into dollars across the curve this week, with every issuer finding plenty of demand. But it was trades from Finland and Cades which stood out with aggressive price tightening and chunky order books as they made their long-awaited returns to the currency.
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Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch.
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Dada Nexus, an operator of Chinese on-demand retail and delivery platforms, and Legend Biotech Corp both set the ball rolling for Nasdaq IPOs this week.
