JP Morgan

Several of November’s IPOs in Europe have taken hits in the aftermarket, continuing October’s trend of recently floated companies’ shares trading down.

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 Lithuania’s last international bond for over a year.

Corporate bond spreads may be agonisingly tight, and getting tighter by the week, but investors still think they can squeeze value out of the market.

The world’s largest bread maker, Grupo Bimbo, returned to bond markets on Tuesday after a three year absence. Its 30 year bond was sold mainly to US investment grade buyers, despite the issuer’s Mexican nationality.

Axtel, the Mexican telecoms company, is meeting investors for a planned senior unsecured bond issue. Investors say the firm is almost unrecognisable from the one that carried out a distressed debt exchange in 2013.

ICBC Financial Leasing Co hit the dollar bond market on Wednesday with a dual-tranche transaction, returning a few months after its last international issuance.

Indonesian industrial estate developer Kawasan Industri Jababeka has returned to the market to tap its existing 6.5% 2023s.

Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.

Investors looking forward to the prospect of a jumbo Nordic banking IPO were disappointed on Tuesday when Nykredit, the biggest mortgage lender in Denmark, announced that it plans to cancel its IPO on Nasdaq Copenhagen in favour of a private sale to five Danish pension funds.

In a new sign of how hot Europe's leveraged finance market has become, Verisure, the Swedish security systems company, is seeking to raise €3.5bn of bonds and loans, partly to fund the market's biggest dividend recapitalisation this year.

On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.

Qingdao Haier Co has raised HK$8bn ($1.03bn) through an exchangeable bond, leveraging on its brand recognition to tighten pricing, according to a source close to the deal.