JP Morgan
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The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.
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Rates are low and keep getting lower, so investors are having to turn to higher yielding forms of debt to put their money to work and get a respectable return. Issuers, particularly in the Middle East, are happy to oblige as far as their regulatory capital needs will allow. -
Gatwick, London's second airport, offered a £300m no-grow 30 year bond into a quieter corporate bond market on Thursday, while Engie, the French power and gas group, issued a €500m non-call 5.75 year hybrid. This slowing of issuance from the frenetic pace earlier in the week was welcomed by bankers concerned investors might have been overtaxed.
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Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.
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Investors embraced the duration offered by Adani Ports and Special Economic Zone this week, snapping up its $750m trade and pushing the order book to a hefty peak of $4.5bn.
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Voltalia, the French renewable power producer, has launched a €376m rights issue to finance increased capacity, and has won a new investor in the European Bank for Reconstruction and Development (EBRD).
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Budweiser Brewing Company Apac will wrap up investor education and launch its much anticipated $5bn to $7bn listing on the Hong Kong Stock Exchange next week.
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The Republic of Austria received huge investor demand for its five year euro benchmark on Wednesday, despite the bond being priced with a yield below the European Central Bank’s deposit rate. The sovereign also took advantage of the rally in eurozone government bond yields to tap its outstanding century bond for a further €1bn.
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South Korea’s Kookmin Bank has sold its maiden dollar-denominated Basel III compliant additional tier one bond, opting for a sustainability label to entice investors.
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Chile may be an expensive buy for many EM investors, but the country’s status as the top-rated Latin American sovereign is making it attractive for environmental, social and governance-focused investors, said debt capital markets bankers, after the government sold its second green bond in two weeks.
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Cellnex Telecom, the highly acquisitive Spanish wireless telecommunications company, has issued a €850m convertible bond due in July 2028 to fund its €11bn pipeline of investment opportunities in the European telecom towers market.
