JP Morgan

Two CEEMEA sovereigns jumped into the bond market this week with breakthrough trades and three other issuers have mandated, lining November up to be one of the busiest months of the year for this market.

The Privatisation Commission of Pakistan has issued a request for proposals to firms to help lead a sell-down in State Life Insurance Corp (SLIC).

Cabot Credit Management, the UK debt purchasing firm, on Wednesday raised €310m of secured notes to support its buyout of peer company Hillesden Securities from Faccenda Investments.

Snam, the Italian natural gas transmission company, priced a €750m eight year bond on Tuesday, its first issue since it was added to the list of bonds that the European Central Bank will buy as part of its public sector bond purchase programme, or quantitative easing.

Istituto Centrale delle Banche Popolari Italiane (ICBPI) began offering its €1.1bn PIK bond with fixed and floating rate tranches on Tuesday, the first time such a structure has been used in the European high yield market, according to bankers.

The Financial Stability Board made three changes to its list of global systemically important banks (G-SIBs) on Tuesday.

The Hashemite Kingdom of Jordan has released initial price thoughts of 6.75% area for a new January 2026 bond. The bond is the country's first international deal in five years not to have a US government guarantee, according to Dealogic data.

Standard Chartered moved to shore up its capital ratios on Tuesday, as it launched a long-expected rights issue, totalling £3.3bn ($5.1bn). Bank of America Merrill Lynch and JP Morgan have fully underwritten the deal.

Amundi, Europe’s largest asset manager, is seeking a valuation of €7bn to €8.76bn in its IPO, the bookbuild for which was opened today (Monday November 2), and will sell a 2% stake to Agricultural Bank of China. Goldman Sachs has joined the top line of the deal.

FIG bankers breathed a sigh of relief at the US Federal Reserve’s proposal, released last Wednesday, for implementing Total Loss Absorbing Capacity (TLAC) rules for US Global Systemically Important Banks (G-SIBs), which is seen as less severe than may had anticipated. But the rule as proposed could damage secondary market liquidity.

The Commercial Bank of Dubai has mandated six banks to arrange a Reg S dollar benchmark bond, and is starting the roadshow for the deal on Thursday.

InterGlobe Aviation and SH Kelkar & Co have found huge success with their respective Indian IPOs, with books multiple times covered as investors flooded into the transactions.