JP Morgan
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Bank Islam Brunei Darussalam is understood to be eyeing a possible $500m IPO in Malaysia, the first listing of a Bruneian issuer on any exchange. -
The Export-Import Bank of China (Chexim) is set to hold investor calls for a euro fixed rate five year bond and a dollar floating rate three year. India’s Canara Bank, meanwhile, will meet accounts in Asia and Europe for its first dollar outing since 2013.
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The European high yield market roadshowed more than £2bn of new sterling bonds from two issuers this week, both with single-B ratings and from industries investors watch with caution.
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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.
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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.
