JP Morgan
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Australian pallet and container provider Brambles must think good things come in threes. Having made euro investors wait three years for its last deal, in 2014, it finally returned to the single currency market on Tuesday, printing a deal with virtually no new issue premium.
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Nan Fung International Holdings managed to get the best of both worlds on Monday, finding the ideal price for its bond while also bagging a size within its target.
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Saudi Arabia will return to the international capital markets this year and has named leads for a triple tranche conventional bond.
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Jordan was this week on the road looking to extend its bond curve out to 30 years. Its longest outstanding bond to date is due to mature in January 2027.
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Nan Fung International Holdings began marketing a new dollar bullet on Monday morning, the property developer’s second international bond this year.
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Central Asia Metals, the Aim-listed owner of a copper mine in Kazakhstan, priced a £137.4m ($153.5m) capital increase and secondary share sale on Friday, to partly finance its acquisition of Lynx Resources for $402.5m.
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Postal Savings Bank of China Co’s $7.25bn Basel III additional tier one bond from Thursday was one for the books, breaking numerous records with its size and price, while navigating around a downgrade of the sovereign.
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ZhongAn Online P&C Insurance Co has raised HK$11.9bn ($1.5bn) after pricing its hugely popular Hong Kong IPO at the top of guidance, according to a banker on the deal.
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Investors bought into attractive yields from triple-B rated issuers that jumped into the US corporate bond market ahead of the Fed’s well flagged announcement that it would reverse quantitative easing.
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A slightly more hawkish than expected US Federal Open Market Committee meeting mid-week has nudged up US Treasury yields — bringing 10 year dollar issuance nearly within SSAs’ reach, said bankers. But in the meantime, SSA bankers are looking at the dollar pipeline with dismay.
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Gatwick Airport brought the second sterling investment grade corporate bond of the week on Thursday, following Pennon’s £300m hybrid on Monday.
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In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.