JP Morgan
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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.
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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.
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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.
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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.
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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.
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Singapore’s Reit issuers continued to tap the equity market with gusto this week, as CapitaLand Commercial Trust competed a S$217.9m ($162.3m) fundraise while Manulife US Real Estate Investment Trust launched a $197.2m rights issue.
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Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week.
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