JP Morgan
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Shares in fertilizer miner Sirius Minerals plummeted as much as 60% on Tuesday morning after the company was forced to finally pull a $500m high yield bond offering it had postponed in August. -
Most investment grade corporate bonds issued over the past weeks have had intermediate to longer tenors, but on Monday issuance tilted towards the shorter end, as GlaxoSmithKline printed two negative yielding tranches.
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KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.
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Banco Sabadell and ASB Finance launched senior bonds in the euro market on Monday, with the former hitting the ‘sweet spot’ of investor appetite and the latter struggling to achieve the same level of demand as its Kiwi peer ANZ New Zealand had last week.
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The blow to oil production in the Middle East seems to have boosted demand for Russian petrochemical giant Sibur's five year dollar benchmark on Monday — the issuer’s first bond in two years.
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Chinese logistics company Best has sealed a $175m convertible bond, benefitting from a jumbo anchor order from Alibaba Group Holding.
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Alpek, the petrochemicals business of Mexican conglomerate Grupo Alfa, sold a $500m 10 year bond on Wednesday at the tight end of expectations to become the latest in a line of Mexican issuers to tap the primary market in September.
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The breakneck speed of dollar corporate bond issuance continued this week, with lower rated investment grade borrowers dominating investors' attention as they came to the market to lock in attractive financing rates amid fears the credit rally may run out of steam.
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Evidence is mounting that Enel’s $1.5bn sustainability-linked bond, issued last Thursday, introduced not just a new product, but a new market. In recent days the deal has generated intense interest, and Enel has committed to using the product extensively in future, writes Jon Hay.
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There were no problems with competing supply as a trio of public sector borrowers enjoyed strong demand for dollar bonds this week, despite all three having the same maturity.
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How much emphasis do you put on a tweet? According to JP Morgan and its recent ‘Volfefe Index’, 280 characters is all US president Donald Trump needs to shock the markets. The aim is to create an index “to measure the impact of the president’s tweets on rates volatility”. However, with algorithmic trading and tweet aggregation commonplace, many market participants are unconvinced that the index brings anything new to the table.
