JP Morgan
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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. -
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.
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Ineos, with a split high yield/investment grade rating, announced a drive-by €770m seven year non-call three bond issue on Monday, refinancing its 4% 2023 bond of the same size.
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GTLK, Russia’s state transport leasing company, printed a $500m six year bond on Wednesday from a book of just over $1.5bn.
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Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.
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Sacyr, the Spanish construction company, enjoyed a strong reception from equity-linked investors on Wednesday when it issued a new convertible bond that was increased to €175m off the back of unexpected demand from long-only funds.
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China’s Shenwan Hongyuan Group Co launched its Hong Kong IPO on Thursday, seeking upwards of $1.3bn from the sale.
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India’s JSW Steel raised $500m in an opportunistic transaction on Wednesday, marking the company’s first dollar bond in two years.
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Bond investors appeared relieved after Brazilian steel producer Companhia Siderúrgica Nacional (CSN) raised $1bn of new bonds to refinance debt maturing in the next year.
