JP Morgan
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In this round-up, the European Central Bank renews its RMB swap line, Swiss Re increases its RMB qualified foreign institutional investors (RQFII) quota, and CLS facilitates netting for RMB foreign exchange transactions. Plus, a recap of our coverage this week. -
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There was a cheerful mood in European equity capital markets throughout September, despite clear risks of volatility on the horizon and the IPO of Telxius falling into difficulty. The health of the market was highlighted this week by the success of a €2.5bn capital raising by Steinhoff, the South African retail group.
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After German utility company ENBW struggled to offload a $300m hybrid in a choppy market on Monday, the issuer returned with a bang in euros on Wednesday, and was quickly followed by a dual trancher from French energy provider Total on Thursday.
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Oman locked down $1.5bn this week, pricing “wisely” with a decent new issue premium and kicking off a busy few weeks of issuance from the Gulf Corporation Council’s oil rich, but cash poor, sovereigns as Bahrain and Saudi Arabia ready trades.
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A chaotic start to the week for the euro corporate bond market saw one deal pulled on a combination of soured sentiment and aggressive pricing, causing issuers to engage in a balancing act before risk appetite returned in force at the end of the week.
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France's Total became the second European issuer of a corporate hybrid in two days, following EnBW’s successful deal on Wednesday.
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Investors threw off the caution on Thursday that saw them hesitate over lower-rated investment grade corporate bond deals offering low spreads on earlier in the week.
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Dutch plastic packaging manufacturer Schoeller Allibert priced its debut €210m five year bond on Thursday, after strong recent results, while Norwegian Air Shuttle looks to tap its 2019s, following its failure to issue notes earlier this year.
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PKO Bank Hipoteczny has mandated leads to go on a roadshow with the first euro benchmark covered bond from Poland.
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Honma Golf priced its Hong Kong IPO near the top of expectations on Thursday, raising HK$1.34bn ($172.7m) for the Japanese maker of premium golf clubs as long-only funds climbed onboard.
