JP Morgan
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Hewlett-Packard ensured a memorable end to the third quarter as it printed one of the biggest deals of the year but paid a hefty new issue concession as it re-opened the dollar market after a tumultuous start to the week. -
Deutsche Börse, owner of the Frankfurt Stock Exchange and Eurex, brought some calm to a frazzled bond market on Thursday, with what market participants agreed was a successful issue.
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Kommuninvest and KfW found good demand for short dated dollar benchmarks on Thursday despite difficult market conditions.
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Debt bankers are pinning their hopes on the Middle East to get fourth quarter bond supply off to a strong start, after a torrid final two weeks of September.
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World Bank on Wednesday sold the largest dollar benchmark from an SSA since July, as other issuers lined up deals in the currency.
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UK property firm Hammerson has signed a €1bn revolving credit facility to buy a €1.85bn loan portfolio from Ireland’s National Asset Management Agency.
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China Development Bank sealed a $1.56bn dual-currency bond on September 29, coming to the market on a day of immense volatility in global stocks. But anchor orders helped save the deal, which saw very little demand from international investors.
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The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.
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A supranational has mandated for a dual tranche dollar benchmark, amid signs that issuers are willing to pay up to get size. But Sweden took a different route, pricing a $1bn deal arguably through its curve.
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Gazprom has released roadshow dates for a euro bond, but is going ahead with the meetings without Deutsche Bank on the mandate.
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China Development Bank opened books on September 29 for a dollar-euro combo, taking advantage of a small issuance window before China begins its Golden Week holidays on Thursday.
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The leads on HM Sampoerna’s Rph20.8tr ($1.4bn) follow-on have told investors that the trade is covered across the price range, after the Indonesian unit of Philip Morris International attracted a slew of long-only investors.
