JP Morgan
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Shriram Transport Finance Co turned to US investors on Monday to help seal a $500m high yield bond, just weeks after selling a $400m Reg S trade. -
South Korea’s Shinhan Bank sold Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond on Monday, raising $400m from the Basel III-compliant tier two deal.
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On Friday, JP Morgan and Wells Fargo posted falls in investment banking revenue for last quarter. But debt underwriting business was a bright spot for both banks.
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Indian metals and mining company Vedanta Resources courted the market on Thursday for its first bond since delisting from the London Stock Exchange late last year. While the delisting raised some questions for investors, the deal ultimately pulled in $1bn for the issuer.
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The financial institutions bond market was confined to a handful of small trades this week, as Wall Street self-funders prepared to pull the trigger on multi-billion trades after reporting season.
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Sentiment in the dollar corporate bond market remained upbeat this week, even after jumbo deals from Broadcom and Saudi Aramco traded softly.
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KFW and Bank Nederlandse Gemeenten (BNG) were able to come flat or just through the curve with their long-end trades in the euro public sector market this week.
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The Inter-American Development Bank (IADB) priced its inaugural Kangaroo EYE bond this week. This issue was the product of more than four years of promoting the bond programme to domestic Australian investors, said Laura Fan, principal funding officer at the IADB.
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Saudi Aramco might have expected a $12bn bond it issued on Tuesday to be hailed as a triumph, coming as it did well inside its sovereign curve after taking orders that at one point reached $100bn. But after pricing, the demand evaporated, the bonds fell below reoffer, and the notion that the European Market Abuse Regulation has ended the practice of order inflation was left in tatters.
