JP Morgan
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With asset prices inflated to levels that would have seemed impossible a few years ago, capital market participants are looking forward to the European Central Bank’s (ECB’s) eventual exit from its quantitative easing (QE) programme with a mix of hope and dread, writes Lewis McLellan. -
Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.
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The Federal State of North Rhine-Westphalia came to market for its longest ever bond on Thursday, raising €1bn with a 40 year transaction in a market that “just can’t get any hotter”, according to a banker at one of the leads.
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Qatar is looking to issue a jumbo bond before the end of this year, but bond syndicates and DCM desks are agonising over whether it would be good business for them to work with the state, since it has been cut off by its neighbours.
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Belarusian food retailer Eurotorg’s $350m new issue traded up in the secondary market on Thursday morning, demonstrating the high appetite for rare corporate bonds from emerging markets.
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Baidu has picked banks to list its video streaming arm in the US, as a host of Chinese issuers stormed into Wall Street this week for their IPOs.
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The $1bn 10 year note issued by Bahrain’s Oil and Gas Holding Company (Noga) had already traded up by two cash points in the secondary market on Thursday, after landing at the top end of where deal watchers saw fair value.
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China Literature, the e-book subsidiary of Chinese tech firm Tencent, is on track for a red-hot IPO after shadow orders immediately flooded in during pre-marketing. Some smaller companies have already delayed their IPOs to avoid being eclipsed by a deal that looks sure to dominate discussion in the coming weeks. Jonathan Breen reports.
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The non-US women's health unit of Israel’s Teva Pharmaceutical Industries is mulling the option of issuing its first term loans in euros to fund its buyout by private equity firm CVC.
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Italian telecoms firm Wind called on the high yield market on Wednesday, as it planned to refinance most of its debt with a dual currency five tranche offering, deploying 20 bookrunners in the process.
