JP Morgan

uarantor: Federal State of Baden-Wuerttemberg

Rating: Aa1/—/AAA

The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years.

Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.

A much anticipated UK Supreme Court ruling that would decide whether the country’s parliament should vote on the invocation of Article 50 — officially starting the Brexit process — failed to stop the sovereign building a record syndication book on Tuesday.

Goldman Sachs led a procession of bank bond issuance this week as supply soared to its busiest month on record for high grade FIG deals.

Agribusiness Kernel proved the right credit to bring Ukrainian corporates in from the bond market on Tuesday. After a rough ride of corporate restructurings, the inaugural issuer was able to garner the confidence and trust of investors to raise $500m.

Italian infrastructure holding company Atlantia followed on from a Wednesday investor call with a benchmark eight year trade on Thursday.

VodafoneZiggo completed a bumper refinancing deal on Wednesday as several other leveraged finance borrowers came to market with euro deals, relentlessly pushing the market's repricing trend further.

Multinational food company Sigma Alimentos is preparing ground for what is likely to be the first new issue from a Mexican borrower since Donald Trump became president of the United States.

Russia’s Rusal was on track to print the first corporate bond from the region of 2017 on Thursday but with 13 banks on the trade, the pricing debate was proving to be furious.

India’s Jain Irrigation Systems sold its maiden international deal on Wednesday, taking $200m from Asia’s first green bond of the year. Finding comparables was a big challenge given the issuer’s focus on irrigation for agriculture, with the leads juggling feedback from investors to find the right price. Rashmi Kumar reports.