JP Morgan

The Republic of the Philippines threw open the door for emerging market sovereign issuance for 2019, raising $1.5bn in an outing that offered investors just a small concession. The country’s decision to attract new Chinese investors also paid off, writes Morgan Davis.

Anta Sports Products has launched its €2.2bn loan to back the acquisition of Amer Sports Oyj into general syndication, with HSBC joining the bookrunning group.

Public sector borrowers might switch some of their attention away from a rampant euro market towards dollars, said SSA bankers, after the Inter-American Development Bank and Caisse des Dépôts et Consignations brought strong trades in the currency on Wednesday.

Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.

The European Bank for Reconstruction and Development on Wednesday became the third public sector borrower to issue an inaugural Sonia-linked bond in 2019, with the deal marking the borrower’s largest sterling bond to date.

Turkey has come to market for a 10 year dollar benchmark, reasserting its status as one of emerging market bonds' most frequent borrowers after a turbulent 2018.

Saudi Arabia is expected to print large tranches for its new 2029 and 2050 bond issue but will need to pay up for them in its first deal since the killing of journalist Jamal Khashoggi at the country's consulate in Istanbul last year.

Yapi Kredi, the Turkish bank, has set the pricing for its additional tier one bond though eschewing a “traditional bookbuild process”.

Analysts at JP Morgan believe that investors are underestimating the risk that banks will decide against calling their additional tier one instruments in the coming years, because of confusion around the reset rates that could apply past the scheduled end of Libor.

Oliver Brinkmann has joined JP Morgan as head of corporate banking for Asia Pacific, according to an internal memo seen by GlobalCapital Asia.

The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday.

Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.