JP Morgan
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The frenzy of investment grade corporate bond issuance in Europe intensified on Thursday, when eight companies came to market, issuing a total of €6.6bn of paper in euros. That brought the total for the first four days of this week to over €20bn. Despite the heavy supply, issuers have found sufficient demand to support their notes. -
Emerging market issuers are moving to print in the bond markets as investors’ desperation for positive yield hits fever pitch. With some borrowers looking to refinance maturities falling due in 2020 and 2021, a pivot towards bonds from loans, and Gulf Cooperation Council sovereigns rumoured to be making moves, some bankers say this year could challenge the record for annual CEEMEA volume.
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Two Russian steel companies have announced mandates and roadshows this week and look set to become the first corporates from the country to test the bond market since the latest round of US sanctions on their country in early August.
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The European Investment Bank failed to reach full subscription for a tap of its May 2026 Sustainable Awareness Bond that was priced with a yield of minus 0.542%.
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Peter Kerckhoffs will join Moelis & Company in December to advise clients in the Netherlands and across Europe. JP Morgan has replaced him as senior country officer for that country with Cassander Verwey.
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Shanghai International Port Group (SIPG) has made a quick follow-up to its dollar market debut, rolling out a new dual-tranche deal less than two months after it sold its maiden bonds.
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Ukrainian grain and sunflower producer Kernel is set to amend and extend an existing syndicated loan, according to bankers familiar with the deal. The transaction marks one of the few intermittent spots of activity in the Ukrainian loan market.
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SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.
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Russian pipe manufacturer Chelyabinsk Pipe Plant has become the second metals company from the country to announce plans for a roadshow this week, joining Severstal. The Chelpipe deal — a $300m Reg S/144A five year senior unsecured note — will be the company's debut in the Eurobond market.
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BOC Aviation and Clifford Capital navigated choppy market conditions successfully on Tuesday to raise dollar bonds from investors.
