JP Morgan

The three new issues and one tap that priced in the investment grade corporate bond market this week were all two to three times oversubscribed, but a thinning supply pipeline and the excuse of a Fed meeting meant no deals were launched on Wednesday or Thursday. However, three issuers are looking to issue before the summer break, following meetings with investors.

After Monday’s British flavour to corporate bond issuance, German real estate company, Grand City Properties brought the only new issue in the market on Tuesday, as part of an exercise to extend the average maturity of its debt.

Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.

India’s Nirma is set to hit the US term loan B market for financing to back its bid for Tronox Alkali, a US-based company. The flexibility that comes with selling into an institutional market pushed Nirma to pick a combination of a US TLB and a bond for its acquisition, said bankers.

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Indian solar energy producer Azure Power Energy started marketing its debut international green bond on Thursday. The deal was announced two days after another Indian energy firm, Continuum Energy Levanter, pulled its own dollar bond.

Jane Street Group, the electronic trading firm, held bank meetings in New York on Wednesday and London on Thursday for its debut syndicated loan, a $600m-equivalent term loan split between euros and dollars.

The corporate bond deals priced so far this week show a robust market. A US Federal Reserve meeting and a thinning pipeline may have resulted in a maiden over of a Wednesday, but hopes are high of primary business picking up before the end of the week.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

Hannam & Partners, the investment banking boutique founded by Ian Hannam, has hired two experienced equity analysts to cover the mining and oil and gas industries.

Michael Kors, the US luxury fashion company, has signed a £1.115bn bridge facility for its £896m acquisition of UK competitor Jimmy Choo from majority shareholder JAB Luxury, the retail holding company of the Reimann family.

After Monday’s British flavour to corporate bond issuance, German property company, Grand City Properties, and French food services company, Sodexo, brought deals to the market on Tuesday. Grand City printed a €600m nine year new issue and Sodexo tapped its €600m 0.75% April 2027 deal for €200m.