JP Morgan

A European sovereign will sell a short dated dollar benchmark on Tuesday, but a weak market backdrop and tight swap spreads are likely to hold other issuers back from bringing deals in the currency.

Several public sector borrowers are tipped to come into a reopened dollar market next week — but some SSA bankers warned that conditions are still not at full strength.

The European high yield market appeared to have woken up this week with three roadshows and €900m on offer — but only one borrower has printed, and investors have now little hope of an unequivocal improvement any time soon.

Banco Popular Español (BPE) and Caja Rural de Castilla-La Mancha (CRCLM) issued Cédulas this week that were barely subscribed and relied heavily on demand from the European Central Bank.

Swedbank and SR Boligkreditt defied tricky market conditions this week to respectively raise €1.25bn and €500m in five year covered bonds.

Proximus, the new name for Belgian telecoms company Belgacom, issued a €500m no-grow bond on Monday, achieving a high oversubscription for the deal.

Research by JP Morgan, published last week, said that the widespread implementation of a statutory solution to Total Loss Absorbing Capacity (TLAC) requirements would lead to further underperformance in senior spreads, and a fundamental reassessment of the asset class’s risk profile.

The Reserve Bank of India has proposed a new framework that eases rules for borrowers raising external debt, five months after the government released a report that recommended overhauling and liberalising the existing system.

Indonesian oil and gas conglomerate Pertamina has picked three banks for a potential bond and is set to hit the road to meet investors.

Royal Bank of Scotland has undertaken a shakeup of senior staff in its credit trading business, in a move that bolsters financials at the expense of corporate credit.

Meggitt, the UK engineering company, has increased its acquisition credit facility to $600m to buy the composites division of EDAC, formerly known as Parkway Aerospace and Defense.

Arrow Global, the UK distressed debt buyer and manager, on Wednesday issued a €110m tap of its €225m floating rate high yield bond, to support business purchases in the UK and Portugal.