JP Morgan
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The recent boom in high yield bond issuance has left traces of investor indigestion, but French data manager Infopro Digital enjoyed a warm reception for its rare loan-to-bond refinancing deal. -
Turkey’s Odeabank will meet investors from Wednesday ahead of a possible sale of tier two notes. If the deal goes ahead, it would be the second such deal from a second tier Turkish bank this year, after Fibabanka's debut in May.
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South Korea’s Kyobo Life Insurance Co opened books on its debut dollar bond on Monday — a subordinated 30 year rolling-in perpetuity non call five note.
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Corporate bond issuance volume in Europe this week was lighter than previous weeks. However, there were still seven issuers that priced deals. The main difference this week was the size of deals. Nestlé’s €850m eight year transaction was the largest one to print, but most order books were still at least twice oversubscribed as investors showed little sign of slowing down for the summer.
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The Japan Bank for International Co-operation (JBIC) found traction with a stellar four tranche offering on Thursday, gratifying investors feeling the pinch from a year that has been somewhat light on dollar supply.
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The UK Debt Management Office broke yet another record on Tuesday, building its largest ever book in cash terms for an inflation-linked syndication. The demand was such that the bond then tightened in secondary to move past the fair value level at the book open, said one of the leads.
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Midstream energy company Oneok made a convincing return to the dollar market on Thursday with its first investment grade deal in two years.
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The Warsaw IPO of Play Communications, the Polish mobile telephone network operator, has been priced at Z36, above the bottom of the initial Z34 to Z44 range, and broadly in line with the valuation multiple of its listed peer, Polsat.
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The Japan Bank for International Cooperation (JBIC) hit the whole dollar curve on Thursday, launching a quadruple tranche dollar benchmark and managing to pull in spreads by 4bp-6bp on all four tranches.
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Telekom Austria took advantage of a lack of competing supply on Monday to tap its December 2026 issue. Investors liked the €250m no-grow deal enough for it to command a single-digit new issue premium.
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On Wednesday Aroundtown became the seventh property company in the last month to sell bonds in Europe. It followed the trend of its peers by extending the maturity profile of its debt with a €500m 8.5 year transaction.
