JP Morgan
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The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday. -
A trio of European agencies and a supranational all priced taps at the long end of the Kangaroo curve last week, with tenures ranging from nine to 12 years. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of the global bond rally.
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ArcelorMittal, the steel company headquartered in Luxembourg, has amended and extended a $1bn revolving credit facility via its US business.
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US online booking company Booking Holdings has signed a $2bn revolving credit facility, with a slew of domestic and global banks joining the trade.
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KBC only needed to offer a slim new issue premium to attract €2bn of demand for a new tier two bond this week. The deal pricing was squeezed by 20bp from initial price thoughts, resembling senior deals from other issuers.
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Megvii Technology, a Chinese artificial intelligence (AI) company best known for the facial recognition platform Face++, has set the ball rolling for its dual-class share listing in Hong Kong.
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The China Securities Regulatory Commission (CSRC) has approved the appointments of a number of directors at JP Morgan’s new China securities joint venture, including its head of investment banking.
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JP Morgan announced the terms of a massive tender offer this week, as supply slowed to a trickle in the US dollar market.
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Korea Development Bank moved to place the largest Korean Kangaroo earlier this week, a note that was also priced more tightly than any other Korean-issued Aussie dollar deal.
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The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left.
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Credit analysts at JP Morgan are urging investors to swap their euro bond holdings for similar deals in dollars, where they say there are ‘attractive opportunities to position for convergence’.
