JP Morgan
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The World Bank appointed banks on Tuesday to lead its first 10 year dollar benchmark in almost two years to join a flurry of SSAs who have recently ventured into this rarely visited part of the curve in the currency. Meanwhile, Finnvera has mandated banks for its second syndicated trade of the year. -
German property developer Garbe Industrial Real Estate has postponed the IPO of Logistrial, its logistical properties unit, according to three sources familiar with the matter.
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Three issuers spanning the CEEMEA region released initial guidance for dollar deals on Tuesday morning in London — one each from Russia, Abu Dhabi and Togo. All three bonds are expected to be printed later on Tuesday.
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High grade corporate borrowers were quick out of the traps on Monday, cramming in before the blackout period to raise around €5bn-equivalent of bond funding from order books many multiples of that.
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Germany’s ZF Friedrichshafen set final terms on a multi-tranche €2.7bn bond on Monday, with the car parts maker seeing far more demand at wider spreads than where it raised a similar amount in the Schuldschein market in recent weeks.
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SoftwareOne Holding, the KKR-backed IT services company, is making good progress on its IPO on the SIX Swiss Exchange, despite market sentiment being hit by the poor aftermarket performance of TeamViewer, the German software company that listed in Frankfurt last month.
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Hong Kong’s stock exchange has awarded China Feihe, a baby milk formula producer, its final stamp of approval to list.
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The six biggest US investment banks alongside three European firms have created DirectBooks to assist primary market bond sales. It aims to start in the US investment grade corporate market before branching out to other fixed income products.
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Enel, the Italian power and gas company that is the first, and only, issuer of bonds with sustainability-linked coupons, proved this week that the structure appeals to European green-minded investors, by raising €2.5bn at a spread several basis points tighter than it could have achieved with a normal bond. Jon Hay and Mike Turner report.
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A scorching week in the dollar market provided some $18.5bn of funding from issuers across the SSA spectrum. Maturities from three to 30 years were accessed, and each deal enjoyed strong demand and well-filled books.
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