JP Morgan
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Genuinely new corporate high yield issuers have been vanishingly rare in 2019, but German car interiors maker Novem is bucking the trend with the €375m first time dividend issue it has been marketing this week. -
Kanagaroo bond market participants welcomed the prospect of ever lower rates in Australian dollars as four SSA borrowers priced taps over Tuesday and Wednesday.
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Two French public sector borrowers are preparing to return to the green bond market, with the latter going on a roadshow to plug its first benchmark issue since 2017.
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Trainline, the UK transport booking website, is preparing to launch an IPO on the London Stock Exchange. The deal is expected to value the company at around £1.5bn, according to a source close to matter.
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Novolipetsk Steel (NLMK)’s $500m seven year bond drew a book in excess of $1.5bn on Wednesday morning allowing leads to tighten initial guidance, which they said offered a 30bp new issue concession.
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Brazil’s Suzano tapped international bond investors for the fourth time since September on Tuesday, capitalising on a dearth of recent supply from Latin America and favourable sentiment towards the pulp and paper sector.
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Marel, the Icelandic meat processing machinery maker, has announced its intention to seek an additional listing on Euronext Amsterdam before the summer, as it aims to tap into growing global demand for meat products.
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JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.
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Transatlantic firm Pentair has signed a $100m revolving credit facility, with the water treatment firm adding the debt onto an existing loan.
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Thursday’s corporate bond new issue action in Europe confirmed the picture presented on Wednesday: that investors were determined not to let macroeconomic issues bother them, and were piling into new issues. The day was less blemished than the previous one had been by volatility, enabling issuers to get some very tight spreads.
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Fidelity National Information Services (FIS), the US financial software company, honoured Europe’s bond markets this week with the lion’s share of the debt financing for its takeover of Worldpay, the payments group that began as part of Royal Bank of Scotland, for an enterprise value of $43bn.
