JP Morgan

Argentinian supply resumed on Wednesday as Tarjeta Naranja and Province of Tierra del Fuego both kicked off pricing on new dollar deals.

Indonesia’s triple-C rated Indika Energy priced a $265m bond on Monday on the back of a nearly five times subscribed book. The issuer’s rating story was complicated by downgrades over the past year, but investors were willing to consider its likely future as a B2 rated credit. Morgan Davis reports.

India’s JSW Steel raised $500m from its new five year notes on Wednesday, finding strong support from European accounts familiar with its credit and business.

The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.

SR Boligkreditt has issued its first Reg S dollar covered bond, and though the book was slow to build the issuer found enough demand to ensure the deal was eligible for bank liquidity portfolios in the liquidity coverage ratio (LCR).

Norilsk Nickel printed a new six year bond 15bp inside its curve on Wednesday, but the volume of orders that dropped from the order book from the order book suggested that not all were happy with the pricing.

Further dollar issuance from Argentina could emerge as early as today after two borrowers from the country wrapped up roadshows on Tuesday.

Indonesia’s triple-C rated Indika Energy grabbed $265m from a new deal on Monday, on the back of a five times subscribed book fueled by yield hungry investors.

South Korea’s Lotte Group is targeting a third quarter listing of its Malaysian petrochemicals arm, which will raise more than $1bn.

Public sector borrowers are lining up a three pronged attack on Wednesday in a dollar market that is enjoying its widest swap spreads of the year. Quebec is attempting the first 10 year dollar benchmark since the first week of the year, KfW is out in fives — a part of the curve that has also become attractive in euros — and the Inter-American Development Bank is coming at the short end.

Investment banks' revenues from leveraged finance in Europe rose 146% to $537m in the first quarter from the first quarter of 2016, as the high yield market surged back into life and loan refinancings were ubiquitous.

Saudi Arabia will begin meeting investors for its debut international sukuk on Sunday. The deal is a long time coming according to those keen to see the development of the Islamic finance market.