JP Morgan
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Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.
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India is set to welcome its first international green bond of the year, as Jain Irrigation Systems opened books for an up to $250m transaction. -
Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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The UK Debt Management Office broke its record book size on Tuesday for the second time in three months, as it also enjoyed a healthy showing from investors outside the country.
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VodafoneZiggo obtained the go-ahead from leveraged loan investors on Tuesday to increase the size of its refinancing deal by more than €2bn while cutting margins.
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Investors in US banks might be looking forward to regulatory easing under President Trump’s administration, backed by a Republican Congress. They might eventually see some benefit, but a steeper yield curve is much more important.
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Egypt opened books on its triple tranche dollar bond on Tuesday amid a swell of positive sentiment towards the country following recent comments by the IMF noting high satisfaction with its progress under its extended fund facility.
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Neerg Energy is set to become the second Indian corporate to sell a dollar green bond, having hired six firms to arrange meetings with global accounts on Tuesday.
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JP Morgan has boosted its China team with a new senior hire to its emerging markets economic research unit.
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Metals and mining company Vedanta Resources jumped back into the international market on Tuesday with a 5.5 year transaction, hoping to secure a dollar deal before markets become quiet for the Chinese New Year holidays.
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The Nordic Investment Bank and Province of Quebec are set to hit the five year part of the dollar curve on Tuesday, a trade that has returned some bumper deals for public sector borrowers so far in 2017.
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