JP Morgan

JP Morgan became the first US bank to issue a preferred bond linked at the back-end to the secured overnight financing rate (Sofr), amid a torrent of bank supply in dollars this week.

A pair of Middle Eastern credits received large orders for what may be among the last bonds issued before the summer lull.

Investors have looked towards structured and long dated notes in their hunt for yield as the summer break creeps closer.

Worldline, the French payments company, attracted strong investor demand for a negative-yielding €600m convertible bond due in 2026, to refinance its acquisition of a minority stake in equensWorldline, its transaction processing subsidiary.

As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.

Oman came to market on Thursday for a pair of dollar benchmarks, offering initial price thoughts onlookers described as "generous" and gathering a large order book ahead of the opening of the New York market.

Peruvian holding company Intercorp Peru issued more debt than initially intended on Wednesday after notching a heavily oversubscribed order book in its first international trade since 2015.

Country Garden-linked Bright Scholar Education Holdings made its debut in the offshore bond market on Wednesday, raising $300m from a heavily-covered transaction.

Drax Group, the UK electricity generator, has sold £375m of US private placement debt, alongside a £125m environmental, social and governance facililty to repay a bridge loan used to fund its acquisition of Scottish Power Generation.

NRW.Bank had the dollar market to itself this week, and issuance is expected to continue trickling next week with Ontario Teachers’ Finance Trust poised with a trade.

Vivion, a property company formed in September 2018 and controlled by Israeli tycoon Amir Dayan, is preparing its bond market debut. The funds raised will be used to split the business into a property company (propco) and an operating company (opco), pay off acquisition debt for recently purchased hotels, and reorganise its corporate structure.

Air Baltic, an airline 80% owned by the Latvian government, printed its €200m five year non-call three debut bond on Tuesday from an order book of €300m.