JP Morgan

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.

First it was a pair of car finance issuers. Then came a pair of utilities. And on Tuesday it was a pair of telecoms companies that came to the corporate bond market. But the latest couple really got investors revved up with more than €16.5bn of orders placed.

Yapı ve Kredi Bankası is planning an additional tier one dollar benchmark that looks likely to be the first issue of non-sovereign international bonds from the country since April.

French telecoms operator Orange ensured the cobwebs were blown off the corporate bond market on Tuesday when it launched the first multi-tranche offering of 2019, which included the longest tenor of the year to date and the year’s first sterling corporate bonds in its four tranches.

The Republic of the Philippines opened the bond market for Asian sovereign issuers in 2019 with a $1.5bn outing, making efforts to boost its engagement with Chinese investors and paying just a small double-digit premium for the deal.

The dollar market for public sector borrowers begins in earnest on Wednesday with a pair of borrowers out with benchmarks and bankers confident the deals will go well thanks to a demand/supply imbalance. The trades follow a small floater tap from a supranational on Monday that was the first syndicated deal of the year in the currency.

The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve.