JP Morgan
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Prologis, the US real estate investment trust that owns logistics properties, held a call with investors this morning to explore the sale of a sale of a 10 to 12 year euro senior unsecured benchmark bond. -
Aluminium Bahrain (Alba) is working to get the final part of its second export credit agency-backed loan by the end of this quarter. The deal will wrap up the multibillion dollar-equivalent financing for one of the largest brownfield projects in the Middle East.
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The International Finance Corporation is set to bring its first five year dollar global benchmark in two years, and could achieve an even tighter spread than Nordic Investment Bank’s multi-year low two weeks ago, according to on-looking bankers weighing fair value.
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Some fund managers and underwriters are gearing up to keep Europe’s high yield market open during August, as borrowers show more willingness to bring new paper during a traditionally quiet month.
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Mainland telecommunications infrastructure giant China Tower hit the road on Monday to start drumming up interest in its HK$68.1bn ($8.7bn) IPO, according to a senior banker on the deal.
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Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants.
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IHS Markit exploited the lull in high-grade supply to grab investor attention with its investment grade debut.
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Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.
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Wall Street heavyweights returned in force to the dollar market with a string of multi-billion dollar trades after posting strong second quarter earnings.
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The World Bank is keen to bring a euro benchmark this year, having been absent from that segment for nearly two years. The supranational this week made a triumphant return to dollars, setting a 2018 record for the tightest swap spread on a three year dollar benchmark so far.
