JP Morgan
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The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high. -
The Republic of Lithuania on Tuesday drew a combined €1.27bn book for its taps as investors rushed to take a piece of what could be the Baltic country's last international bond for more than a year.
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Shares in ContourGlobal, the emerging markets-focused power producer, managed to stay above their IPO price all day on Thursday after they began trading on the London Stock Exchange.
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A chequered history of debt restructurings and shareholder rebellions meant that a bond for B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the gold mining company scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
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Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.
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Indonesia’s Kawasan Industri Jababeka returned to the market on Wednesday, adding nearly $111m to its existing 2023s in an opportunistic tap.
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If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.
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ICBC Financial Leasing Co raised $950m from a dual-tranche transaction on Wednesday, as it focused on extending its maturity profile. But its 10 year struggled to gain traction, against a backdrop of falling 10 year US Treasury yields.
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The Republic of Croatia is embarking on a roadshow to market its longest euro denominated Reg S bond.
