JP Morgan

Egypt is in market promoting a new deal: three tranches of benchmark dollar funding. Its 40 year tranche will be Egypt’s longest ever deal.

Road King Infrastructure returned to the dollar market for the fourth time this year on Monday. The borrower, which has favoured fixed-for-life perpetual bonds before, offered investors a slightly different perpetual deal this time that would see its coupon be reset but has no additional step-up.

Dutch firm Prosus heaped pressure on Just Eat’s merger with Takeaway.com on Monday, after the consumer internet company published an official offer document that Just Eat’s board has urged its investors to reject.

Royal Dutch Shell’s choice this week of a tight syndicate, heavy with US banks, to lead $4bn and €3bn of bonds has laid bare the sense of vulnerability among banks outside the US bulge bracket, as some expressed resentment at being left out of a lucrative and prestigious mandate.

High grade dollar bond investors are braced for the biggest deal of the year after AbbVie, the pharmaceutical company, appointed a trio of banks to lead a possible $25bn issue that could come as soon as Monday.

Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.

Investors staged a protest over pricing in the non-preferred senior bond market this week, causing one transaction to fail and putting two others at risk of falling flat. Comfortable with their returns for 2019 and happy to be able to choose from a glut of new bond offerings, funds have simply been happy to divert their attention elsewhere. Tyler Davies reports.

La Banque Postale is looking to strengthen its capital position with a new additional tier one bond, beginning investor meetings on Friday. The issuer joins a growing trend towards issuers employing six month par call options in their perpetual securities.

Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.

A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.

Technology firm Apple issued its first euro green bond on Thursday, selling a €2bn deal that bankers thought had been priced flat to its curve. The issue continued a strong recent run of Reverse Yankee deals.

BBVA and DNB Bank were both looking to build towards their minimum requirements for own funds and eligible liabilities (MREL) in the euro market on Thursday, eschewing non-preferred senior issuance in favour of the cheaper preferred senior format.