JP Morgan

European issuers have got their wish thanks to deals from European Investment Bank at three years and a five year from KfW on Wednesday.

The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.

JP Morgan Chase has sold £59m of shares in BT Group, the UK telecommunications company, on behalf of former holders of BT’s American Depositary Receipts.

Bank of America has become the first financial institution to launch a new deal in the European credit market for over a month. The US lender paid a huge premium for its €1.5bn senior bond on Tuesday, but it was able to move past its initial price thoughts on the back of a solid set of orders from investors.

Kuwait's Equate Petrochemical stuck its head above the parapet this week, holding investor calls for a triple-tranche bond issue.

L-Bank postponed its dollar transaction on Thursday after not receiving enough orders for the targeted deal size. The trade had been structured as an auction, with investors invited to place bids over their desired level versus mid-swaps. After taking indications of interest, no further updates followed.

L-Bank brought a novel approach to sell a two year dollar deal on Thursday that could help other borrowers navigate volatile markets, with investors invited to place bids for the trade over their desired level versus mid-swaps.

The State of North Rhine Westphalia (Land NRW) had to pay a large new issue premium on Thursday as it brought the first SSA deal of a volatile week.

CapVest has cancelled the planned sale of Curium Pharma, as market conditions wrecked the investment appetite of the three final round bidders and banks cut financing commitments. It was one of the larger M&A financings slated for syndication in the second quarter, but with the Crossover index now trading over 650bp, compared with close to 200bp when first round bids were due, the three sponsors in the final round would have struggled to get a deal away.

That nine US companies and banks should launch bonds the day after a 12% fall in the S&P 500 index, the worst since 1987, is astonishing, but probably shows that companies are anxious to bank large quantities of cash in case markets get worse. The barrage of issuance comes despite core fixed income markets such as Treasuries, swaps and commercial paper being under strain.

Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.

Despite current market turbulence, Kommuninvest, the funding body for Swedish local governments, still plans to press on with its debut euro green bond when volatility abates, according to its head of debt management.