JP Morgan

A rough day for the corporate bond market on Wednesday did not bother Illinois Tool Works, which pressed ahead with its three tranche euro bond issue anyway. Focused on the yields, it did not mind paying higher spreads. Bankers said this was typical of the continuing wave of Reverse Yankee issuers.

The €350m listing in Amsterdam of Marel, the Icelandic meat processing machinery maker, is covered on the second day of bookbuilding, having gained early momentum partly by attracting two cornerstone orders.

The Dominican Republic’s second global peso bond issue helped it raise $2.5bn in tough markets on Wednesday via a dual currency offering.

Illinois Tool Works issued what could be the only European corporate bond of the week today, as the market takes what could be a useful rest after a week marked by a touch of indigestion and some jitters about international politics and economics.

TBC Bank, Georgia’s largest bank by assets, loans and deposits, is hitting the road to market a dollar senior unsecured bond.

European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.

Magnitogorsk Iron and Steel Works, the second largest steel producer in Russia is embarking on a roadshow for a dollar benchmark five year bond — its first for 16 years.

Delhi International Airport (Dial) offered investors a rare 10 year high yield bond on Tuesday, securing the company $350m from a more than six times subscribed order book.

Marel, the Icelandic meat processing machinery company, has secured cornerstone orders from BlackRock and Credit Suisse Asset Management for its €350m IPO on Euronext Amsterdam.

Trainline, the UK transport booking website, said on Tuesday that it plans to raise £75m of new capital, having confirmed its intention to float on the London Stock Exchange.

Companies wanting to issue bonds in Europe this week will have to shoot their deals through narrow gaps between holidays, as Thursday is a holiday in several European countries, including France, Germany and the Netherlands.

Airtel Africa, the African subsidiary of Indian telecommunications conglomerate Bharti Airtel, has announced its intention to float on the London Stock Exchange, paving the way for a multi-billion pound IPO that will allow its parent to raise funds to reduce its debt.