JP Morgan

L-Bank is set to bring the first ever Reg S only Sofr-linked bond on Tuesday. The German agency will be joined in the dollar SSA market by Japan Finance Organization for Municipalities, which has picked banks for its first benchmark of the calendar year.

Greece mandated banks on Monday for a 10 year syndication, which will be the sovereign’s longest tenor since making its public bond market comeback in 2014.

With market conditions strong last week, leads on the most hotly anticipated leveraged financing of the year decided to press ahead and launch. The $10.5bn debt package backing Brookfield’s buyout of Johnson Controls’ Power Solutions business will hit all the major pockets of demand, with term loans in dollars and euros, senior secured bonds in dollars and euros, and unsecured notes as well.

Indian generic drugs producer Jubilant Pharma raised $200m from its return to the bond market after investors rushed to snap up a rare Indian high yield credit.

Financial institutions have been crushing new issue premiums by ratcheting in the pricing on new issues as they look to keep up with an impressive rally in the secondary market in February.

The first issuer representing the United Arab Emirates (UAE) as a federal entity came to market this week. The deal was part of a trio from the Middle East, none of which offered investors anything in the way of new issue concession.

This Thursday was Fat Thursday, a Polish equivalent of Pancake Day, celebrated by the consumption of doughnuts. But Poland’s Ministry of Finance fed socially responsible investors a different treat this year: €2bn of green bonds.

Loan investors succeeded in the ‘game of chicken’ in setting deal terms on the first two major new money acquisition loans in the European market this year, winning a package of concessions that could help achieve a better balance between borrowers and lenders in a market that has seen documentation deteriorate.

Two Turkish issuers were back on screens this week as the country continues its rehabilitation in the capital markets. QNB Finansbank printed with a 10bp new issue premium, according to one lead manager, a level which he said shows how far Turkey has come since the sovereign paid up 50bp for its post-volatility return to market trade in October.

Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.

QNB Finansbank has revised initial price thoughts for its benchmark dollar 5.5 year bond, with books for the deal over $1.4bn. Both an investor and a syndicate official had said earlier in the day they expected tighter pricing.

Poland is in the market for its most ambitious green bonds yet. It has opened books for two tranches of euro debt, hitting the 10 and 30 year maturity buckets.