JP Morgan

The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.

A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

Banque Ouest Africaine de Developpement (BOAD) offered investors a rare chance to buy longer dated investment grade African risk with a new 10 year benchmark on Thursday.

Malaysian sovereign wealth fund Khazanah Nasional has pocketed MR571.2m ($133.3m) after selling a small piece of CIMB Group. A competitive bidding process for the mandate meant wall-crossing investors beforehand was impossible, leading to a slow but steady bookbuild.

Vodafone was the star issuer of last summer, printing jumbo deals which served to kick-start the sterling corporate bond market, which is still going strong. On Wednesday however, they opted for more conservative volumes, printing before the summer shutdown begins. The UK telecoms company also adopted a novel approach to pricing.

KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.

Lat Am bond market participants agreed that Argentine state-owned oil company YPF had achieved a tight return to dollar markets on Tuesday as it printed $750m of July 2027 bonds.

Andorra Banc Agricol Reig SA (Andbank) successfully priced its first covered bond and the first ever from the principality of Andorra this week. The transaction’s small size and novel structure ensured a wide spread that enabled the borrower to increase the deal size.

Gecina, the French real estate investment trust focused on residential, office and healthcare properties, will raise €1bn through a fully underwritten rights issue to partly refinance its acquisition of Eurosic.

Indian solar company Azure Power Energy is readying investors for a dollar green bond, starting a roadshow this week.

Investors gave Kyobo Life Insurance Co a warm welcome as it debuted in the market on Monday with the first dollar bond from a South Korean life insurance company.

Indian renewable energy firm Greenko Energy Holdings returned to the green debt market this week, printing a $1bn dual-tranche trade — Asia's largest dollar corporate green bond to date.