JP Morgan
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The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week. -
Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.
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The Province of Ontario on Thursday rounded off a stellar week for dollar issuance with a trade that, like those a day earlier, was priced with minimal to no concession and with a well oversubscribed book. Ontario’s deal was perhaps more remarkable though, given a more volatile backdrop on Thursday trading.
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JP Morgan and Santander jumped on strong funding conditions in the euro market to add to their stock of bail-inable senior bonds on Thursday, after Royal Bank of Scotland was met with a blowout reception for a Yankee offering.
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South Korea’s Woori Bank sealed its third Basel III additional tier one deal on Monday, raising $500m just before the country held its long-awaited presidential election.
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Pemberton has hired a veteran leveraged finance banker as a new partner in its origination team, as it further builds out its private debt platform in Europe.
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Argentine energy company Capex and Mexican financial Unifin showed that conditions were as strong as ever in Latin American bond market as both high yield names notches blow-out new issues.
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Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.
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The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.
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PSP Investments, the Canadian pension investment manager, has expanded its operations with the launch of a European hub, and wants to invest increasingly in private debt and real estate.
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Eurobond offerings from US high yield borrowers may be harder to find in the second quarter of the year as pricing terms improve for US borrowers.
