JP Morgan
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Yankee banks took advantage of a strong market backdrop this week ahead of US third quarter earnings season, with Canadian banks leading the charge. -
After making a strong return to the dollar bond market for the first time since 2010, Italy aims to become a frequent issuer in the currency once again, according to the sovereign’s funding head.
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Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three bond and raised $300m with a trade that bankers said was tricky to price.
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The International Development Association made a huge splash this week with its first euro benchmark. The supranational is aiming to carve out a large and diversified funding programme consisting of various currencies and private placements.
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Deutsche Bahn, the German railways company, wrapped up a roadshow for a dual tranche hybrid on Thursday, with investors looking at a trio of other issuers from a variety of industries for comparable notes.
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Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three year. In spite of fears around Ukraine’s future relationship with the IMF, the leads have set initial price thoughts at a level onlookers are calling “aggressive”.
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State-owned hydropower company China Three Gorges Corp made a rare visit to the dollar bond market, extending its maturity profile to 30 years.
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Health and Happiness International Holdings and Shui On Land have both made swift returns to the loan market for tightly priced deals.
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Bank of China broke new ground for Asia this week with the region’s first floating rate bond linked to the secured overnight financing rate (Sofr). But a host of challenges around payment calculations and liquidity mean other issuers will be slower to embrace this new benchmark. Addison Gong reports.
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Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.
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Italy delighted investors with its first dollar bond in almost a decade on Wednesday, as it raised $7bn across three tranches. However, bankers away from the deal said the sovereign paid up over its domestic cost of funding — something it had originally planned to avoid.
