JP Morgan
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Sukuk stepped into the spotlight after JP Morgan decided to include Islamic bonds in its EM bond indices, but while eligibility will give the asset class a boost, it will be a while before the product is more broadly used. -
Coca-Cola came for euros on Tuesday with a 20 year bond that was priced aggressively, as a slug of borrowers took aim at the market.
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German chemical company Evonik hit the reopened European investment grade corporate bond market at pace on Tuesday, as it sought financing for its €3.5bn acquisition of US industrial gas provider Air Products’ speciality and coating additives business.
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DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond on Tuesday at a spread that was arguably flat to its curve illustrating solid demand for non-Eurozone deals that still of a substantial pick-up to core markets.
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China’s Yestar International Holdings Company and South Korea’s Nonghyup Bank have kicked off investor meetings for their respective bond offerings.
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Action in the Asia ex-Japan dollar bond market picked up a notch on Tuesday with a number of issuers launching transactions.
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Postal Savings Bank of China is set to kick off investor education for its $8bn IPO after the Hong Kong Stock Exchange approved its plan on Thursday.
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UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year on Wednesday. The bank was rewarded with a well oversubscribed order book while paying little new issue premium.
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Melrose, the UK industrial buyouts specialist, completed its jumbo rights issue on Wednesday, raising £1.6bn to partly finance its reverse takeover of Nortek, a US air conditioning systems manufacturer.
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A dance of low yield limbo is forcing public sector borrowers to rewrite their autumn funding plans as crushed rates have made the short end of the euro curve all but inaccessible. Lewis McLellan reports.
