JP Morgan
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Portugal found the best possible medicine to a rising fever in its bond yields by building a large order book on Wednesday for its first syndication of 2017. Attention now turns to Italy, which faces a crucial rating review by DBRS on Friday. -
Equity-linked issuance in Europe burst into life on Thursday with the sale of a €500m bond for Prysmian Cables & Systems and the first Japanese CB of any size since September. Then on Thursday evening Immofinanz launched another deal. The clutch of deals suggests the market is wide open for issuers.
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Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.
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Taikang Insurance Group had no problem finding demand for its debut, gathering $2.4bn worth of orders at its peak for a $800m bond on Wednesday. The deal is only the second from a Chinese name and the first from a financial credit in Asia ex-Japan in the New Year.
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The Republic of Korea is set to be the first Asian sovereign to sell bonds in the New Year, marketing a dollar-denominated 10 year on Thursday morning.
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Export Development Canada showed on Wednesday that despite some big deals this year in fives, there is still plenty of demand in the three year part of the dollar curve as it took the rare step of increasing a deal from its initial size target. The trade came as a trio of other dollar deals hit screens.
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Portugal took out around a fifth of its funding programme for 2017 on Wednesday, printing a €3bn 10 year deal. Bankers away from the trade said pricing looked a little cheap — but at the same time defended the sovereign’s debt office for playing it safe to win size.
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UK guarantor loans company Amigo Loans on Wednesday became the third European business to launch a high yield bond this year and the second to list on the increasingly popular Channel Islands Securities Exchange.
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With most senior bankers and investors now back from holidays, equity capital markets in EMEA have burst into life this week, with the launch of two large capital increases and a sizeable state block trade in Engie.
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European corporate bond issues are coming thick and fast. Participants who predicted this week would be busy have been proved right, with 12 deals pushed into the euro, sterling and Eurodollar markets so far.
