JP Morgan

L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.

Greece received a huge reception for its first 10 year benchmark in almost a decade on Tuesday, taking advantage of a double upgrade by Moody’s last Friday and strong market conditions.

Xylem has signed an $800m sustainability-linked revolving credit facility, claiming to be the first water technology company in the US to agree a deal using that structure.

Koç Holding opened books for a six year dollar benchmark, returning to the bond market for the first time in three years. While market participants said that initial price thoughts looked generous, they expected the spread to be tightened aggressively before pricing.

Bank of America's Asia Pacific head of equity capital markets syndicate Philip Wong resigned on Tuesday morning. He is set to join JP Morgan in the summer.

Nokia had much to be thankful for on Monday when it issued a €750m seven year bond at 170bp over mid-swaps — the same level at which its older five year bond was trading at the beginning of this year.

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.