JP Morgan
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European Investment Bank has added further evidence of the euro market’s growing strength over dollars — but its deal was still at the lower end of Earn size expectations despite a decent new issue premium. -
Portugal attracted more than €5.5bn of demand for the first syndicated deal from a peripheral sovereign since mid-June on Wednesday.
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Cigarette maker Philip Morris flagged off pre-deal investor education for an up to Rph26.70tr ($1.92bn) follow-on transaction in its Indonesian subsidiary HM Sampoerna on September 2, with the process set to run for two weeks.
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Poland made sure CEEMEA was not left out of the September restart rush on Wednesday, but more traditional emerging markets are likely to be left sidelined until after the US Federal Reserve decides to raise interest rates, said debt bankers.
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Gazprom is planning to issue a Eurobond in the last quarter of this year, and has been in preliminary discussions for a size of €500m-€700m for the deal, according to a source with knowledge of the company’s plans.
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The European Investment Bank has lined up a euro benchmark that SSA bankers are praying will add to a strong €5bn deal from KfW last week — but the supranational is unlikely to aim for the same size as its German peer.
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Portugal will become the first eurozone periphery sovereign to test the post-summer syndication market — but its choice of tenor has been limited by several weeks of turmoil in global markets.
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KfW showed public sector issuers exactly what it takes to get euro investors reaching into their pockets this week — a hefty new issue premium, writes Tessa Wilkie.
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The corporate bond pipeline for September swelled rapidly over the course of this week, with no less than six companies hiring banks for roadshows in the near future.
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Banque Fédérative du Crédit Mutuel has burst back into the market shortly after a summer blackout, raising €600m with a spree of floating rate medium term notes.
