JP Morgan

GlobalCapital announced the winners of its Bond Awards 2018 on Wednesday night at our 11th annual Bond Awards dinner, at the Jumeirah Carlton Tower in London. Some 280 people were there to see the brightest and best performers in the international bond markets in the past year crowned.

Unédic played it safe by offering extra new issue concession to traverse a choppy euro market on Wednesday, ending up with a €1bn 15 year deal and a 1bp tightening from guidance. Dexia Crédit Local is out for a euro deal on Thursday, although bankers said the shorter duration trade should mean the volatility will be less of a test.

On Wednesday, US electrical appliance manufacturer Whirlpool became the second investment grade corporate borrower to pull a deal in a week. German energy company Innogy and Whirlpool both found the corporate bond market tough going on Wednesday, despite having employed two-day marketing strategies. Whirlpool, however, took the hardest hit.

Republic of Latvia was on track to print its new dual tranche euro-offering on Wednesday, though soft markets meant that it was offering a 7bp-10bp new issue concession at the final spread.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has set the reoffer spreads for its seven and 12 year euro bonds. Combined books are in excess of €800m, evenly split between the tranches.

The European Investment Bank has printed a new Climate Awareness Bond — its sole euro green bond for 2018 — opting for an aggressive price and falling short of full subscription. A French agency will follow the supranational’s lead, mandating for a deal with the same tenor.

After the Whit Monday holiday in Europe, Deutsche Telekom boldly reopened the corporate bond market. Having seen compatriot Bertelsmann pull a deal on Thursday, Europe’s largest telecoms provider showed no fear when it sold a four-tranche offering.

Delaware-based chemicals group Chemours added to the surge of reverse Yankee issuers with a new euro deal this week, as sources report growing interest from non-European bond investors in the currency.

Republic of Latvia has mandated banks for a new 10 year, plus a possible reopening of its long end bonds. Bonds issued by CEE sovereigns have held up well over the recent months of trading volatility, and bankers expect the deal to go well.

Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

Chinese online consumer finance provider VCredit Holdings began investor education for its Hong Kong IPO on Monday, according to a banker familiar with the matter.

China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.