JP Morgan

GlobalCapital announced the winners of its 2018 Equity Capital Markets Awards at our annual Awards dinner in London on Tuesday night. Adyen, Knorr-Bremse, Netcompany and Neoen were among the deals that won prizes as company founders, CFOs and senior managers mingled with leading investment bankers.

The State of North-Rhine Westphalia received a rapturous reception from investors for the syndicated reopening of its century bond on Tuesday, allowing it to print over five times the initial target size.

The Republic of Turkey is returning to the bond markets for the fourth time this year with a dollar tap of the $2bn 7.625% 2029s it sold in January, continuing to front load for its $8bn 2019 funding target.

Russian borrowers are returning to life as investors start to brush off sanctions risks, though issuance is still weak compared to the same time last year. Evraz hits the road for a five year dollar bond on Wednesday and Credit Bank of Moscow (CBM) came to market on Monday.

The Republic of Benin has opened books for its debut bond — a six year euro amortiser. Ghana is also expected to enter the market on Tuesday, following a roadshow to promote a dollar bond.

JP Morgan’s head of EMEA debt capital markets is set to retire this year.

Abertis Infraestructuras, the Spanish toll roads group, launched on Monday the four tranche bond issue it had roadshowed for last week, and found Europe’s corporate bond market as avid for paper as it has been for the last couple of weeks. That enabled it to achieve a huge book totalling €14.5bn and at least one negative new issue premium.

Embassy Office Parks Real Estate Investment Trust (Reit) has launched a three-day public bookbuilding for its IPO after placing nearly half of the public offer with anchor investors.

Mongolian Mining Corp announced on Monday March 18 a tender offer for its two existing dollar bonds, alongside the proposed issuance of new notes.

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Ukraine drew attention for all the wrong reasons this week, tapping a November 2028 line for $350m, allegedly well below the market value.

Ukraine courted controversy this week, turning to the private market to tap its November 2028 bond. The trade caught the attention of investors and bankers, with some saying that JP Morgan had retained the deal and priced it well below the market rate. Lewis McLellan reports.