JP Morgan
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ICICI Bank made an opportunistic move on Thursday, snagging a 5.5 year bond at the tightest spread for an Indian lender in nearly a decade. -
Mongolia has managed to escape from the brink of default with a hugely popular $600m new money plus exchange offering, as investors took heart from the recent bailout from the International Monetary Fund.
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Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.
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The market for socially responsible investment (SRI) bonds is enjoying a burst of activity, as sub-sovereign borrowers from both sides of the Atlantic hit screens in green.
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American Express led a steady flow of issuance from financial names as supply marched on at a record breaking pace this week, driven by insatiable investor demand.
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility.
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Shares in Cobham, the troubled UK aerospace and marine technology company, closed 13% higher on Thursday after the company unveiled its 2016 results and a turnround plan involving a second £500m rights issue in nine months, to strengthen its balance sheet.
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German card payments firm Concardis this week increased the term loan backing Advent International and Bain Capital’s buyout of the firm to €300m, reducing price guidance in the process, in a market still waiting on larger buyouts such as Cerba Healthcare to be syndicated.
