JP Morgan
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Three Chinese issuers visited the dollar bond market on Thursday, raising $1.2bn between them. -
JP Morgan grabbed the record for the lowest yielding preferred security issue this week, as investors continued to pour cash into the asset class.
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US corporate bond issuers set a blistering pace this week as crowded into the market in droves after Monday’s Presidents’ Day holiday.
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With most high yield companies still preparing annual numbers, the primary bond market saw only two US-based issuers choosing to print unsecured deals this week. The deals were in popular industries and intended to refinance existing debt, but with the strong market backdrop one issuer opted to boost the size of its issue.
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US bond market tourists poured into high grade euros this week, where tiny concessions and a cheap overall cost of funding saw a string of successful trades.
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Ontario Teachers’ Finance Trust has chosen four banks to organise a series of meetings with euro fixed income investors, ahead of what will be the issuer’s first bond in the currency.
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Avenue Supermarts’ founder Radhakishan Damani and members of his family offloaded a portion of their shares in the company this week, raising more than Rp34.3bn ($478.1m). The deal came just days after the company issued a chunk of primary stock.
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International bond volumes from India so far this year have almost doubled from the same period in 2019, showing the strength of the country’s issuers as they continue to emerge from a turbulent period. Debt bankers are optimistic that India is set for a strong 2020, writes Morgan Davis.
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London-listed tech firm Micro Focus is refinancing and extending its term loan 'B' and revolver, with a $1.435bn-equivalent deal across dollars and euros. The company has had a grim year — reflected in the targeted loan margins — with a series of revenue warnings, a sliding share price and subsequent exit from the FTSE100, a failed sale of part of the business, and the departure of its long-serving executive chairman.
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A pair of SSA borrowers hit screens on Wednesday for green euro benchmarks. However, one has decided that its marketing process will be entirely conducted over the phone.
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After a pause last week, the primary high yield bond market in euros has bounced back with two new mandates on Wednesday, unsecured deals for US firms Catalent and Silgan. Both deals are in popular industries and refinance existing debt, with leveraged finance bankers telling clients there’s no time to print like the present.
