JP Morgan
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Russian potash producer Uralkali is going on the road for five year dollar paper, returning to the international market for the first time in six years. -
International Finance Corporation has picked the banks to lead the first dollar benchmark of its 2019/20 financial year.
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An undisclosed institutional investor has bagged MR663.6m ($158.5m) from offloading its entire position in Malaysian plantation company Kuala Lumpur Kepong.
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Investors gobbled up Adani Green Energy’s rare Indian project-linked bond on Thursday, seizing the opportunity to buy non-Chinese paper. The company’s transaction was also helped along by its new investment grade rating.
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The fourth quarter began on a rocky note for global equities but the US high grade bond market has shrugged off concerns about stalling growth and issuance conditions remain strong.
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Investor sentiment is turning against primary emerging market bonds. Investors’ newfound discipline, a host of new issues in the market, and a volatile backdrop has meant that several trades this week were letdowns. Now, investors are vowing to be more cautious in the coming weeks. Even if US rates are cut further, yield no longer trumps all other concerns, writes Francesca Young.
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Nordgold and Veon Holdings both printed bonds on Wednesday. But a difficult market backdrop forced Veon to print at a smaller size than expected and at a wide end of revised guidance. The execution of Nordgold’s bond seemed smoother, but investors said it was struggling to stay above reoffer on Thursday morning.
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Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.
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The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.
