JP Morgan
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The Inter-American Development Bank took advantage of strong demand for dollar paper this week to sell its largest dollar benchmark, while Bank Nederlandse Gemeenten also visited the market, suggesting that appetite remains robust despite many investors getting ready to embark on summer holidays.
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The Republic of Iceland returned to euro syndications for the first time since 2006 this week, with a €750m six year bond that was almost three times oversubscribed and priced at the tight end of guidance. The issuer has plenty of time to consider its next move — its next redemption is in two years’ time.
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Moody’s placed Iceland Foods' ratings under review for downgrade after the UK supermarket chain announced a plan to issue £955m of bonds. -
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The European Financial Stability Facility surprised several market participants this week when it plumped for a rare 364 day syndication in its latest financing window. The issuer picked the ultra-short end of the curve to smooth its maturity profile.
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Italian carmaker Fiat today issued €850m of notes in line with initial price talk of 4.75% despite fears that Portuguese bank Espírito Santo’s share plunge was affecting access to bond markets for peripheral European borrowers.
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Emerging market bond investors say they are finding little value in investment grade Chilean corporates after power transmission company Transelec continued LatAm’s lengthening run of blowouts with a $375m deal sold inside its existing — admittedly illiquid — bond.
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Searing investor demand for yield has set the stage for a widely expected second visit of the year to the bond market by Greece in the wake of a series of spread busting, oversubscribed deals and auctions for sovereigns and regions in the eurozone periphery this week.
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Investors in Chile expect power transmission company Transelec to price a new 10 year bond on Wednesday, predicting a spread well inside that achieved by fellow Chilean Colbún, the power generator that issued last week.
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Following its successful $2.1bn flotation last week — the biggest European intial public offering this year — NN Group is set to sell a subordinated perpetual non-call 12 year debt that will rank pari passu with the 4.625% €1bn 30 year non-call 10 transaction that the insurance company sold in April.
