JP Morgan
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The African Development Bank (AfDB) this week became the latest public sector borrower to enjoy the red hot dollar market, printing a trade that drew an order book larger than its entire 2012 funding programme. Widening swap spreads have been a major factor in the dollar market’s fantastic run this year but a double whammy of event risk next Wednesday could bring it shuddering to a halt, writes Craig McGlashan. -
Russia supply looks set to continue next week following the announcement by Gazprom of plans for a long-awaited return to the dollar market and the start of yet another liability management exercise from Evraz.
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Ineos Styrolution this week completed a loan refinancing with margins well below the 350bp market average for new deals — but the pricing will be replicated by the leveraged market’s top credits, said market participants.
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Azerbaijan’s Southern Gas Corridor Company raised $1bn with a tap of its outstanding 2026s on Wednesday but fell foul to underlying rate movements which meant that it did not price at the tight end of guidance, according to a lead banker.
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Turkey’s Garanti Bank on Thursday joined the pre-Fed rate rise rush to open books on a senior six year bond with a 35bp-40bp premium.
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Malaysia’s CIMB Bank sealed a $1bn dual tranche deal on Wednesday, enticing investors with its rarity and a floating rate option, against a strained market backdrop ahead of the US Federal Reserve meeting.
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JP Morgan taps Tan for SEA DCM — RHB loses SG equities banker — SMBC loans banker leaves
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The African Development Bank sold its largest ever benchmark on Wednesday, in a deal which bankers said should hammer home the issuer’s “new style” to investors. Meanwhile, Municipality Finance brought its first dollar benchmark of the year.
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Lotte Chemical Titan, which is seeking to raise more than $1bn via an IPO in Malaysia, has added three banks to its syndicate at the bookrunner level.
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Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP.
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Municipality Finance is set to follow the European Investment Bank into the five year part of the dollar curve, as a slight tightening in swap spreads failed to deter issuer and investor sentiment for bonds in the currency.
