JP Morgan
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Banks, including Credit Suisse and JP Morgan, are working to create tokenised versions of traditional securities and fiat currencies, in order to allow clients to trade them via distributed ledger systems. -
Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports.
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Japan Tobacco took the rare step of issuing corporate bonds in three different currencies on the same day when it sold its debut euro and sterling bond deals alongside a pair of dollar tranches this week. The unusual move proved to be a successful one however, with each tranche at least three times subscribed.
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KfW was able to achieve a well oversubscribed book and tight pricing for its 10 year euro benchmark on Thursday, despite a steep sell-off in the issuer’s secondary curve.
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The deal drought in French equity capital markets may soon be over after Neoen, one of the largest renewable energy companies in Europe, filed to go public on Thursday.
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South African chemicals and energy company Sasol has released initial price thoughts on a dual tranche dollar bond on Thursday morning in London.
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Al Ahli Bank of Kuwait revived its AT1 on Wednesday, having postponed the deal following a roadshow in March this year. But a modest deal size priced in the middle of final guidance left bankers away from the deal saying appetite did not look overwhelmingly strong.
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Four Chinese high yield issuers sealed bonds on Wednesday, when a total of nine deals were priced in the primary market in Asia ex-Japan, making it the busiest day in the region in months.
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Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.
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According to a report by asset manager BlackRock, global exchange traded products saw a consistent inflow into fixed income funds in the first eight months of 2018. Within fixed income products, investment grade corporate bonds saw equally consistent flows, while high yield corporate bonds saw two consecutive months of inflows after six months of outflows. The inflows extend to high yield markets too, which is doing nothing to aid the fight against looser covenants.
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China Merchants Bank Co Hong Kong branch has sold a dual-tranche transaction worth $800m, tapping into both the fixed rate and floating rate investor bases.
