JP Morgan
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The Export-Import Bank of China (Chexim) has mandated banks for a US dollar bond, which will be issued under an MTN programme that comes backed by loans. -
Iberdrola sold its second benchmark deal of the year on Monday, gathering together a heavily oversubscribed order book despite coming head to head with fellow Spanish issuer Telefonica.
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A pair of SSAs hit screens with euro benchmark mandates on Monday — and bankers are confident that market conditions will stay bright to support even more expected supply.
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Supranational and agencies could add to a small flurry of medium term notes in Colombian pesos in the coming weeks, said bankers, as a sell-off in the currency fuels demand from investors.
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Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.
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Prabhat Dairy limped over the finish line with its IPO, with the Indian producer of milk and dairy products pricing the deal at the bottom of the range after being forced to extend bookbuilding and drastically slashing price guidance.
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The euro market was treated to its first 10 year corporate deals in more than a month on Thursday, with Irish food producer Kerry and French utility Suez Environnement opening books.
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Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
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Talk of Russian issuers’ bond plans has been gathering pace this week as Gazprom has mandated for a bond to be printed before the end of this year, sanctioned VEB looks to 2016 for a Panda bond, and Norilsk Nickel embarks on a series of investor meetings.
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Bankers are pointing to sovereigns from central Eastern Europe as the best hope for CEEMEA supply although much of the region is bound by the uncertainty of when the US will start to raise rates.
