JP Morgan
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Immofinanz, the Austrian property company, issued a €300m convertible bond in an evening bookbuild on Thursday night, alongside an incentivised early conversion of its €515m CB that matures in March 2018.
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The UK Debt Management Office has named the group of banks that will sell its next Gilt syndication. -
The Republic of Korea became the first Asian sovereign out of the gate in 2017, sealing a $1bn 10 year bond on Thursday against a backdrop of political turmoil in the country.
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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.
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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.
