JP Morgan
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Saudi Arabia’s newfound zeal for international loans is testing some lenders’ credit limits for the country, as banks prepare to digest an up to $50bn financing for Saudi Aramco. Michael Turner reports. -
A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.
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The Development Bank of Japan was able to tighten pricing on a €700m October 2025 sustainability bond this week, something not every issuer has found possible in the currency in the past few weeks. Meanwhile, the World Bank tapped an old friend for $200m with a green bond.
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Comcast got October off to a flyer after high-grade corporate dollar issuance slumped to its weakest level for four years in third quarter. However, aside from Comcast there were slim pickings in the high-grade market this week.
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The International Finance Corp became the first issuer to launch a green Komodo bond — an offshore bond in Indonesian rupiah — on September 28. But the World Bank had the same idea: it launched a sustainability bond in rupiah the following week.
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American real estate investment trust (REIT) WP Carey paid a significant premium when it sold its second euro deal of 2018 on Tuesday. Despite the lack of reverse Yankee issuance this year, investors needed some persuading to buy the 7.5 year deal.
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IDB Invest, the private sector arm of the Inter-American Development Bank, made a rare visit to the market on Thursday against a backdrop of rapidly rising US Treasury yields. The turbulent backdrop looked to have little impact on the trade, however.
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The State of California has bought $200m of short dated green bonds from the World Bank, the latest stage in a relationship that stretches back to the issuer’s first dollar green bond in 2009.
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Eurotorg, the biggest supermarket group in Belarus, has announced its intention to float on the London Stock Exchange, paving the way for the first big international IPO of a Belarusian company.
