JP Morgan

Jordan is on track to add to its dollar-denominated January 2026s after releasing initial price thoughts for a tap on Wednesday morning.

Stocks across Europe enjoyed a relief rally following the victory of Emmanuel Macron in the first round of the French presidential election on Sunday, causing the blocks market to burst back into life after muted activity in the week before the vote.

The European Bank for Reconstruction and Development on Tuesday equalled its largest ever size in dollars on Tuesday with a deal priced flat to or through its curve. The Asian Development Bank is set to follow in a market in which issuers are winning demand from investors starved of supply, said bankers.

The European Financial Stability Facility on Tuesday priced a dual tranche deal that bankers are describing as possibly its greatest ever, laying to rest some of its other long dated trades this year that drew criticism. A pair of other issuers have also hit screens in a euro market enjoying what one syndicate head called “probably the best conditions we’ve seen in months”.

Tullow Oil, the Anglo-Irish oil and gas drilling company, finished its £625m rights issue with a small rump placement on Tuesday morning.

Turkey’s Ziraat Bank was quick to take advantage of the recent rally in Turkish credit, opening books on a five year bond at 5.5% on Tuesday morning.

India’s HPCL-Mittal Energy (HMEL) took centre stage on Monday, selling the only international bond from Asia ex-Japan. The 4x covered deal benefited from support from state-owned HPCL, with the bonds trading up by 50 cents in the secondary market.

The result of the first round of the French election has imbued the markets with a fresh confidence, prompting the European Financial Stability Facility (EFSF) to mandate banks for its third dual tranche trade in a row.

The European Bank for Reconstruction and Development (EBRD) is set to bring a dollar benchmark to investors starved of supply in the currency. Despite dollar conditions being strong all month, no borrowers brought deals last week — perhaps because they preferred to wait for the first round of the French presidential election to pass on Sunday, said bankers.

South Korean game developer Netmarble Games has wrapped up its W2.7tr ($2.4bn) IPO, the largest in the country in seven years, on the back of a flood of demand.

As the perceived European political risk reduced following the results of the first round of French elections, Asian debt markets opened on Monday to a deal from India's HPCL-Mittal Energy (HMEL).

Drax Group, the UK energy holding company, held a roadshow on Wednesday and Thursday for a £500m fixed and floating rate senior secured bond offering, following its acquisition of Opus Energy earlier this year, and further increased it to £550m on Friday.