JP Morgan

BioPharma Credit, the closed end investment fund that provides debt capital for the life sciences industry, raised $153.9m in an accelerated bookbuild yesterday to fund investments.

In a record-breaking year for CEEMEA bond issuance, JP Morgan has taken a definitive lead over Citi in the 2017 league tables. And with those two banks raising their market shares even further, some say there has been upward pressure on fees, as issuers fear the outcome of not mandating either of the two leaders.

Shandong Hi-Speed Group Co (SDHS) and China Fortune Land Development Co are both taking bids for unrated three year dollar bonds on Thursday.

Emerging market bankers said a pipeline of local currency Eurobonds is building for 2018 — including another in tenge — with Development Bank of Kazakhstan’s (DBK) recent tenge trade setting a good tone in the market last week.

Chinese firms Shandong Hi-Speed Group Co (SDHS) and Suzhou Dongshan Precision Manufacturing Co have laid out plans for their respective international bonds.

BMC Software has shrunk its triple-C rated high yield bond issue from €380m to €250m as demand proves hard to come by. But Burger King France has managed to price its offering at the tight end of the range, though with an adjustment to the tranching.

The year's total issuance of triple-C rated bonds in the European high yield market jumped from €4bn to more than €6bn this week. Many believe this could be the last week to bring new deals in 2017.

Development Bank of Kazakhstan on Thursday priced the first ever tenge Eurobond, raising the equivalent of $300m from a three year note.

South African property investment company Growthpoint postponed a euro denominated five year note on Wednesday suggesting that even high quality credits from the country will struggle to do deals as investors turn increasingly negative on it.

The International Finance Corporation has placed its first ever Serbian dinar bond, with the intention of financing a particular project in the region.

The euro high yield pipeline unveiled a battery of deals this week, six of them with ratings below double-B. The largest came from French frozen food retailer Picard Surgelés, which will refinance over €1bn of existing debt and pay a dividend to its private equity sponsors.

Repricings and refinancings have dominated this year’s leveraged loan issuance. This week, Apcoa added one more such deal. But investors proved they can still discriminate, as House of HR had to sweeten the terms of its new refinancing loan.