JP Morgan
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US biopharmaceutical firm Johnson & Johnson on Wednesday issued a four tranche bond, including 19 year notes, amid much competition in a market that absorbed 17 deals this week. -
Kraft Heinz Foods printed a €1.8bn two tranche note with minimal concessions on Wednesday — a day that produced more than €7bn of primary issuance and proved that investors were hungry for variety in the sectors they buy.
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The Republic of Latvia sold its €650m 1.375% 20 year bond on Tuesday — a deal that attracted $2bn of orders.
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After a shaky period on European bourses, some calm returned to stocks this week. The Euro Stoxx 50 had by Tuesday recovered most of its losses after a bruising week before. But the reprieve may prove short lived, with the FTSE 100, Euro Stoxx 50, CAC 40 and DAX index all in the red by midmorning Wednesday.
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Slovenia is planning to tap its euro Reg S €1.25bn 2.125% 2025s and €1.5bn 2.25% 2032s to fund its dollar bond buy-back and has released price guidance for those notes.
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Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.
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Nexity, the French property developer, was able to increase the size of its second convertible bond issue on Tuesday, as existing investors eagerly bought into the new deal.
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Slovenia is planning to tap its euro Reg S 2.125% 2025s and 2.25% 2032s to fund its dollar bond buy-back.
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Public sector issuers are printing at the short end of the dollar curve, a tactic they are likely to stick to in the build-up to the next US Federal Reserve rate decision on June 15, said bankers.
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Mubadala Development Company demonstrated just how much hunger exists for Abu Dhabi credit on Monday, printing its $500m 2.75% 2023s from a book of $5.1bn.
