JP Morgan

Just three months after Nestlé last extended its corporate bond curve, the Swiss food group was back in the market. Last Friday it pushed its range of maturities even further out.

French food supplier Danone achieved what is believed to be the most tightly priced corporate hybrid capital issue ever on Monday.

The $1.5bn flotation of EN+, the aluminium and power company controlled by Russian oligarch Oleg Deripaska, in London and Moscow is coming during a hot time for the aluminium market and will help to seal a partnership between Russian producer Rusal and Glencore.

Two issuers from the Middle East this week printed dollar deals with ease this week, covering a range of maturities from five to 30 years and demonstrating demand across the whole curve.

In an otherwise quiet week with many companies in corporate close periods, there were two large equity block trades on Monday night, in Moncler, the Italian designer of luxury coats and jackets, and VAT Group, the Swiss maker of vacuum valves.

Mongolia proved this week that it has gone some way to shaking off the twin stigmas of political uncertainty and reliance on commodity income by pulling off a liability management exercise, the new debt portion of which attracted $5.5bn of orders. Addison Gong reports.

Abu Dhabi Crude Oil Pipeline, a wholly owned subsidiary and strategic asset of Abu Dhabi National Oil Co (Adnoc), has launched its $3bn dual trancher on Thursday with coupons set at the tight end of final guidance and books in excess of $11bn. Though an analyst said the levels offered looked fair, he said he was disappointed by the lack of transparency into Adnoc offered by the note.

Russian steel company TMK has launched a consent solicitation for its $500m 6.75% 2020s with the purpose of removing IPSCO Tubulars, its US based subsidiary, as a guarantor on the notes. An investor in London said that he expects bondholders to agree to the changes.

JP Morgan made an aggressive manoeuvre in the equity-linked bond market on Tuesday night by placing a $250m tap of BASF’s innovative bond with warrants, having outbid other banks, including Deutsche Bank, which had structured and led the original deal.

Another pair of public sector borrowers tapped the dollar market, hitting two and three years respectively, in contrast to Tuesday’s salvo of long end trades. One of the issuers printed well beyond its initial size expectations.

Industrial & Financial Systems (IFS) closed the loan funding for its acquisition of WorkWave without further syndication on Wednesday, evidence the market is still keen on small size offerings amid a raft of large deals.

Ineos, the Anglo-Swiss chemicals manufacturer, cut costs on its term loans for the second time this year on Tuesday, after S&P joined Moody's in upgrading the rating of the new facility on Monday.