JP Morgan
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The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”. -
Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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The State of North Rhine-Westphalia rounded out the week’s euro issuance with an oversubscribed 10 year euro deal that was priced 1bp inside guidance.
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American pharmaceutical company Allergan, best known for its cosmetic drug Botox, returned to Europe on Thursday for a new three tranche corporate bond deal. The €1.7bn transaction fell short of the company’s debut €2.7bn deal, but was a filip for a market that had been silent the previous day due to the US mid-term elections.
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On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company in euros.
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RusHydro will come to market for a dual tranche deal in rubles and offshore yuan, following a roadshow to promote the bonds.
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The trading platform provider Liquidnet announced today that it has added emerging market bonds to its institutional fixed income trading platform. To support the additional breadth of its offering, the company has hired two former bankers to its fixed income teams.
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The euro high yield market was giving signs that investor discrimination is back this week, as borrowers IDG and Victoria respectively marketed and postponed new issue bond deals.
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JP Morgan sold its second tap of equity-linked notes using the Hong Kong-listed shares of Ping An Insurance Group Co of China as the underlying securities, this time raising $85m.
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Digital Realty, the US data centre company, has signed a global syndicated loan package totalling $3.3bn across a range of currencies, weeks after the firm ventured into the sterling bond market.
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After a month of consistent spread widening in European corporate bonds, bankers are hoping for tighter pricing in November, but some investors say the new levels better reflect the value on offer in the market.
