JP Morgan
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The stampede by corporate dollar issuers continued into a second consecutive week with Italian energy giant Enel printing the largest ever deal by an Italian corporate in the US investment grade market, and the second biggest Yankee deal of 2017. -
JP Morgan smashed through $15bn of year-to-date TLAC issuance this week as a trio of banks hit the dollar market, ahead of a brief break for Memorial Day holiday.
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The European Investment Bank found seven year funds in its latest move to build a benchmark curve in Polish zloty.
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Oman made its public market sukuk debt on Tuesday to raise $2bn with a well-supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount”, others said the deal came flat to its conventional curve.
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Egypt garnered a mammoth $11bn book this week, letting it boost the size of its tap to $3bn as investors bet on a better future for the country under the stewardship of the International Monetary Fund.
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A mammoth $11bn book helped Egypt take $3bn for the price of $2bn with its triple tranche tap, according to a banker on the deal, as demand for higher yielding EM credits continues.
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China National Chemical Corp (ChemChina) defied any jitters caused by Moody’s downgrade of China’s sovereign on Wednesday, pricing a senior perpetual bond. The only dollar debt issuer to brave the market, the state-owned company’s strong following helped it price inside fair value, said bankers.
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Export Development Canada breezed through its first green bond issue of the year on Wednesday, building a book nearly twice subscribed and tightening 2bp from initial price thoughts.
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UK airport Heathrow landed orders for more than five times its £250m offering on Wednesday, in a week with less than €500m of new paper in sterling and euros in the high yield bond market.
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The European Investment Bank found seven year funds in its latest move to build a benchmark curve in Polish zloty.
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Arab Republic of Egypt hit the screens on Wednesday morning with a much touted re-opening of its 2022, 2027 and 2047 bonds.
