JP Morgan
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Two public sector borrowers hit the primary euro market on Thursday, with the International Development Association selling its biggest ever bond in the currency and France’s Action Logement Services extending its curve with just its second ever trade. -
Novem Group, the German car parts supplier, is targeting a valuation of up to €830m in ts IPO on the Frankfurt Stock Exchange, it revealed on Thursday.
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The Republic of Uzbekistan is seeking to capitalise on a successful dual currency bond it sold just months ago, by returning to the bond market to sell a dollar and Uzbek som bond that also includes a sustainable element.
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Xiaomi Corp sold an $800m 10 year bond and a $400m 30 year bond this week amid a difficult market for Chinese bonds and technology companies. But the mobile phone maker's green tranche, as well as its business model, attracted investors and allowed for tight pricing. Morgan Davis reports.
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China Modern Dairy Holdings, a milk producer, has raised $500m from its first international bond.
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Sterling investors had their choice of ultra-long dated corporate bonds on Wednesday, as charitable foundation the Wellcome Trust and Flagship Housing Group printed 50 and 40 year paper, respectively.
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The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.
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KfW braved a volatile rates backdrop to reopen the primary dollar public sector bond market on Wednesday. Dexia Credit Local is looking to follow with a deal in the same currency and tenor on Thursday.
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Hipgnosis Songs Fund, the £1.6bn music royalties investment company, has wrapped up its seventh equity raise since its London Stock Exchange IPO in July 2018.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
