JP Morgan
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Uzbekistan's bond market debut, which is expected to be priced as early as Wednesday, has captured the attention of emerging market investors.
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A strong start to the year for public sector dollar issuance is keeping up the pace so far this week, with last week’s slowdown during the Chinese New Year holidays only appearing to make investors hungrier. Both of Tuesday’s dollar deals were well oversubscribed — one spectacularly so — and there is a full card of issuers waiting to come on Wednesday. -
The European Financial Stability Facility completed its funding for the first quarter with a dual tranche offering on Tuesday, which was priced with minimal concession, according to the leads.
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The US’s Glatfelter has signed $648m-equivalent in revolving and term loans, with the specialty paper company planning to use the euro portion to buy back bonds.
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Uzbekistan has told investors that it is focused on a dual tranche five and 10 year transaction and that indications of interest received so far are in excess of $1.5bn.
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Chinese real estate companies Zhenro Properties and China Aoyuan Group reopened the Asian offshore bond market with a bang, as cash rich investors flocked to their transactions.
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The Netherlands Development Finance Company (FMO) and the Bank of England hit screens with dollar mandates on Monday to start what should be a busy week of supply in the currency for public sector borrowers, according to bankers.
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The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.
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Chinese property issuers led the reopening of Asia’s offshore bond market following a week-long holiday in the Mainland to celebrate the Lunar New Year. Investors responded to the new deals with enthusiasm.
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
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