JP Morgan
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After a bumper week in dollars, euros will be back on the CEEMEA table this week with PKN Orlen and Croatia wrapping up meetings on Tuesday. But the European Central Bank meeting on Thursday and US data on Friday is expected to keep issuance limited this week. -
Korea Gas Corp (KoGas) has kicked off preparations for its first international bond of the year, which will hit the market next month.
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Philips Lighting and Maisons du Monde’s IPOs have run precisely along the same timelines, with many similarities in how the sales went, and today their debut trading performances also ran in parallel, as both stocks jumped. Philips Lighting closed up 10% and Maisons du Monde 5.9%.
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Cemex Holdings Philippines is planning to start pre-marketing its potential $500m IPO from the first week of June, according to a source with direct knowledge of the matter.
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China Jinmao Holdings Group is offering to buy back its $600m perpetual convertible bond, one of only four such deals to have been issued since 2010 in the region.
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Supranationals were able to take €8bn out of the long end of the euro curve this week amid another week of demand for duration, but the deals arguably suggest the strength of that interest could be waning, said bankers.
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A pair of issuers reopened the 10 year part of the dollar curve for sovereigns, supranationals and agencies this week, but despite both trades gaining plaudits there is still scepticism over whether a $2bn-plus sized deal is possible.
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Italian energy company Enel on Thursday completed a €1.26bn exchange offer that strengthened the return of debt-backed tender offers in the European corporate market.
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Qatar made history on Wednesday by printing the largest ever bond from a CEEMEA borrower. The triple tranche $9bn trade surpassed size expectations, and while initial teething problems saw the five and 10 year tranches soften in secondaries, rival bankers deemed the pricing a triumph.
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Loan issuance from Omani borrowers, some of them debut deals, is in full flow and demand from international investors holds strong despite Oman’s recent downgrade.
