JP Morgan
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Air Baltic, an airline owned by the Latvian government, has released initial price guidance for its €200m five year non-call three debut bond at 6.75%-7%. -
CPI Property Group printed a Reg S tap of its $350m 4.75% March 2023s on Monday, but some chopping and changing over the size during execution had some rival syndicate managers expressing consternation.
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A cavalcade of “familiar names” have come to the market over the last week. SSAs, corporates and FIG issuers printed across the euro curve, while a trio of supranationals were also active in emerging market currencies.
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Greenko Energy Holdings found ample support for its $950m dual-tranche bond, thanks in part to the duration it offered investors, as well as the positive sentiment surrounding India.
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Chinese local government-owned Dalian Deta Holdings Co has debuted in the international bond market for $300m, while repeat issuer KWG Group priced a tight transaction on Monday.
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FedEx has returned to the euro market for the second time in 2019. Having issued a €640m 3.3 year back in January, the Baa2/BBB US logistics company printed a €1bn six and 12-year dual-tranche on Monday. After a drop in reverse Yankee issuance last year, the euro market has proven attractive to US issuers this year, with a steady stream of deals through the first half of 2019.
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As core markets in the northern hemisphere begin to cool, SSA issuers are looking towards a Kiwi and Aussie periphery unaffected by the summer close.
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Leaders of the big US investment banks were cautiously optimistic about upcoming investment banking activity, despite a poor second quarter across their capital markets divisions.
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JP Morgan made an appearance in euros as it came out of earnings blackout this week amid strong market conditions and as the market winds down for the summer. Boosted by the European Central Bank's dovish policy, FIG bankers expect a smooth second half of the year.
