JP Morgan

Latin American issuers are leading the charge to primary markets this year so far in emerging market bonds but Wednesday saw the first CEEMEA issuer to open books as Israel tried a dual tranche 10 and 20 year trade.

New World Development Company, via its wholly-owned subsidiary New World China Land, sold a $600m 10 year bond on Tuesday, the first time it had opted for such a long tenor, according to bankers.

Indian power company NTPC and Malaysia’s Genting Overseas Holding Company are planning their respective debut outings, with the former seeking euros and the latter dollars.

India’s Adani Ports and Special Economic Zone and China’s Taikang Insurance Group are drawing investors’ attention to their respective dollar offerings on Wednesday.

Shares in Banco Comercial Português, the Portuguese bank, have fallen 21% since it unveiled plans late on Monday for a €1.33bn rights issue to strengthen its core tier one capital ratio and finance the redemption of contingent convertible bonds owned by the Portuguese government.

Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.

The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.

Portugal will kick off its funding year with a 10 year euro benchmark, mandating for the deal on Tuesday shortly after announcing its bond issuance target for 2017.

Primary activity in the European leveraged loans market is off to a stuttering start this year, with only a few small deals launched and larger borrowers either yet to appear or set to forego the market.

Gulf International Bank kicked off investor meetings this week for what could be the first publicly syndicated bond from the Middle East this year.

Indonesia’s tiff with JP Morgan has brought the country unwelcome attention. While it is right to protect its own markets from instability, doling out punishments to the US bank undermines its reputation as a sophisticated, transparent country — qualities that could deter the international investors it has so successfully attracted.

Indian oil producer Bharat PetroResources (BPRL) and Hong Kong’s New World Development Company have announced their respective bond offerings after wrapping up roadshows on Monday.