JP Morgan

Three SSA issuers brought dollar deals to market on Wednesday, hitting screens in a variety of formats and tenors, making the most of excellent conditions to pull off impressive deals. A fourth is lined up for Thursday.

KfW gathered strong demand for its bond issue on Wednesday — the third seven year euro deal from an SSA issuer this week — as investors saw relative value in it. The European Stability Mechanism is looking to follow with a similar tenor after sending banks a request for proposals for its first benchmark of the year.

LVMH Moet Hennessy Louis Vuitton, the French luxury goods group, and Comcast, the US telecommunications company, brought the European corporate bond market's two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros, and blasting aside fears among some players of the economic impact of the coronavirus outbreak. LVMH raised a whopping €9.33bn, Comcast €4.6bn.

The Development Bank of Kazakhstan (DBK) released initial price guidance for a tenge-denominated five year bond on Wednesday morning in London.

The Republic of Ghana printed a $3bn triple trancher on Tuesday from a book that was $14bn at launch, in a deal that included the longest ever bond from sub-Saharan Africa.

The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

The Japan Finance Organisation for Municipalities printed the first deal from its budding green bond programme on Tuesday, impressing onlookers with a large book and aggressive price move. The trade shared the market with a social housing bond from Cassa Depositi e Prestiti.

SEB found calm conditions in the euro market this week as it paid a small new issue premium to launch a bail-inable senior bond on the back of its recent results announcement.

Atos has sold most of its remaining shares in Wordline, the French payments company, via an accelerated bookbuild.

The Republic of Poland has printed €1.5bn 0% 2025s on Monday, selling the deal at 100.512 to give the first ever negative yield in euros — minus 0.102% — from any global EM issuer.

The Republic of Ghana has released price guidance for a dollar amortising triple tranche bond, including a deal with a 40 year weighted average life — the longest ever from a sub-Saharan African issuer, according to a lead manager on the note.

Chinese biotechnology firm Akesobio has resubmitted its IPO documents with the Hong Kong Stock Exchange, two months after the bourse rejected its original listing application.