JP Morgan

The UK Debt Management Office (DMO) this week rounded out its syndication programme for the 2017-18 financial year with another deal that met with acclaim. Unlike several of its last few deals, the UK did not build a record book — but that development may have helped sway a debate over the future of its syndication programme.

Credit Bank of Moscow and Domodedovo Airport (DME) brought the total Eurobond tally of Russian issuers this year to seven this week. Those latest two issuers jumped in shortly after Directive 1 sanction fears were quashed by the US Treasury.

Despite heavy volatility in the equity markets, in fixed income, public sector bond issuers had an excellent week. A cool €10bn hit the market in tenors from five to 15 years and from all parts of the spectrum within the asset class. Lewis McLellan reports.

UK media company Entertainment One has tapped its outstanding 6.875% bonds due 2022 for £70m ($97.6m), as the company looks to snap up the remaining stake in the television studio Mark Gordon Company that it does not already own.

Qatar National Bank (QNB) has signed a $3.5bn loan with 21 international banks, with one of those also selling over $2.3bn of MTNs for the issuer, showing that banks’ jitters about supporting Qatari entities in the wake of the dispute between the sultanate and six other Arab states have partly been assuaged. Bianca Boorer and Virginia Furness report.

After being sidelined by volatility in the equity market this week, Greece made it to market on Thursday with a €3bn seven year.

Hurtigruten, the Norwegian cruise operator owned by TDR Capital, has agreed on final pricing on a €660m leveraged loan facility, raising enough debt to repay all its high yield bonds.

Entertainment One, the UK media company, has tapped its 6.875% bond due 2022 for a further £70m, as it seeks to snap up the remaining stake in television studio Mark Gordon Co that it does not already own.

American issuers old and new enjoyed the benefits of the euro investment grade corporate bond market in 2017. In comparison, 2018 has been very quiet so far, but some bankers do not expect that situation to remain for much longer.

Credit Bank of Moscow printed a $500m five year bond from a book in excess of $1.1bn on Wednesday, quelling fears of EM new issues shutting down in face of US Treasury yield rises. Domodedovo Airport looks next to print in dollars from the country while the State Transport Leasing Company has also mandated for a bond.

Issuance of Indian rupee MTNs is at record levels this year, with dealers citing higher yields and a stable exchange rate for the flows. Elsewhere in the market, Malaysian ringgit has made an appearance for the first time this year.

RusHydro, the Russian hydroelectric power generator, kicked off local currency Eurobonds for 2018 with a three year note on Thursday. DCM bankers said that internationally cleared local currency bonds will gain increasing traction this year.