JP Morgan
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A remarkable sterling deal from the European Investment Bank sparked off a week that could become a record opener for supranational and agency issuance in the currency. -
The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback on Thursday, when French tyre maker Michelin launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer, writes Jon Hay.
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Four sovereign, supranational and agency borrowers came to market for euros in the opening week of 2017, showcasing the market’s depth and flexibility. But the torrent of supply has meant that issuers haven’t had it all their own way.
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The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback today, when Michelin, the French tyre maker, launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer.
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Municipality Finance raised €1bn on Thursday with a short 10 year bond that was, according to head of funding Joakim Holmström, the agency's top priority for the quarter.
