JP Morgan

South Africa has opened books on a dual tranche 2028 and 2046 dollar bond after a turbulent summer and while the generous starting price is likely to generate momentum in the book, fears of a downgrade overhang the transaction with one investor telling GlobalCapital he saw better value elsewhere.

Panama’s Global Bank has announced a tender offer for its structured covered bond.

A range of credits from India, Malaysia and Greater China stormed the Asian debt market on Thursday, vying for investor attention.

The European Investment Bank has pushed the green bond curve out to the unprecedented length of 21 years with a new issue on Wednesday.

Steinhoff, the South African retail group, has completed a €2.45bn capital increase supported by one of South Africa’s richest men, Christoffel Wiese, and the Public Investment corp, of which €556m was raised through an accelerated bookbuild which ended up being nearly four times oversubscribed.

Agence France Trésor tapped into strong pent-up demand to draw a bumper book and print its largest inflation linked benchmark since the 2008 financial crisis — despite offering just a few basis points of new issue premium.

The euro corporate hybrid market reopened on Wednesday as Energie Baden-Wuerttemberg sold the second leg of its intended two currency deal, the first part of which was said by onlookers to have been subject to poor market conditions early in the week.

After a rocky beginning to the week that saw an offering from Lufthansa pulled — a rarity in the European corporate bond market — French transnational utility and service company Veolia managed to sell a total of €1.1bn in senior unsecured bonds across two tranches on Wednesday.

Phoenix Group Holdings, the UK life insurer and asset manager, will carry out a £735m rights issue to partly finance its takeover of Abbey Life, which it announced on Wednesday morning, causing its share price to rise by 3.6%.

Oman left a chunky new issue premium on the table with its latest $1.5bn bond sale, but with competing supply looming, and a market backdrop that included two pulled trades, EM bankers said it was a prudent move that resulted in a great trade and over $4bn of orders.

The ebullient tone that characterised the first three weeks of September has faded as investors begin to fret over the US presidential election on November 8, but there is still life in the SSA market.

The Philippine market regulator has given the go ahead to the local arm of oil and gas giant Royal Dutch Shell to list in the country.