JP Morgan
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The dollar corporate bond market showed its resilience this week as issuance rebounded, despite the US-China trade turmoil. “Trump, Trump, Trump,” was how one syndicate manager explained the reasons for the return of volatility as high grade credit markets see-sawed with the President’s mood swings. -
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Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.
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The European Investment Bank (EIB) has moved its new Climate Awareness Bond (CAB) documentation beyond the eurozone with the sale of a Polish zloty bond to a single Japanese investor.
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KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.
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The EU has fined five big banks about €1.1bn in total after it found that some of their currency traders were involved in a foreign exchange cartel.
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Société de Financement Local (SFIL) has picked banks to sell its first benchmark in euros this year.
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Japan Bank of International Co-operation and the Municipal Finance Authority of British Columbia gave investors more ways to invest their stacks of dollars on Thursday, though syndicate bankers say the pent up demand for bonds in the currency is still far from satiated.
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Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.
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Kenya hit screens on Wednesday with a dual tranche bond. Investors said initial price thoughts looked generous and so the leads were able to cut the yield by more than had been expected during execution.
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Chinese private education provider JH Educational Technology has set the ball rolling for its Hong Kong IPO, filing a prospectus with the city’s stock exchange, while brewing giant AB InBev has kicked off pre-marketing for a multi-billion-dollar float of its Asian assets.
