JP Morgan
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The Democratic Socialist Republic of Sri Lanka sealed a $2.4bn bond after shaking off investor concerns about the country’s political turmoil and ratings downgrades. -
Link Real Estate Investment Trust has pulled off a record-breaking equity-linked deal, issuing the first green convertible notes in Asia Pacific, according to a source close to the transaction.
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Whether Vodafone’s £3.44bn issue of two and three year mandatorily convertible bonds on Tuesday this week ends up being judged a corporate finance success for the company may take time to discover. But it is already clear it was a great hit with investors — much more so than the first time Vodafone issued the structure in 2016.
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Vodafone’s £3.4bn mandatorily convertible bond with share buyback language, sold to huge demand this week, may have created a new financial product. Certainly it will set off a maelstrom of analysis and pitching to clients, as banks seek other companies willing to try this daring structure. Jon Hay and Aidan Gregory report.
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The root of arbitrage is the same thing being priced differently in two markets. As markets have got bigger and more sophisticated, arbitrage has become harder to find.
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Taps in Oceanic currencies flowed freely this week as two supranationals raised funds in the Kangaroo and Kauri markets.
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Two Turkish borrowers hit the market on Thursday, following in the wake of a Koç Holding trade earlier in the week and making it Turkey’s busiest week for deals in almost three years.
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The $10.2bn debt package backing the buyout of Johnson Controls’ Power Solutions unit by Brookfield and CDPQ will set the tone for leveraged capital markets in the first half of 2019. But despite high hopes for more investor-friendly deal terms after successful buy-side resistance on last week’s loans, the Power Solutions covenants package sees the pendulum swing back again, writes Owen Sanderson.
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Dollar SSA issuance is expected to pick up next week, thanks to a change in the euro/dollar basis swap that is making issuance in the currency more attractive for euro funders. There was still a smattering of dollar trades this week, including a Sofr-linked floater that broke new ground for the format.
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Following the success of its first 10 year bond in almost a decade, Greece is looking to have a frequent presence in the debt capital markets. The sovereign may even return with either a tap or a new issue this year, even though it has met its minimum planned issuance of benchmark bonds for 2019 and has a significant cash buffer.
