JP Morgan

JP Morgan and Morgan Stanley’s EM rivals may be gleefully awaiting punishment of those banks through future Russian mandates after this week they helped Ukraine raise $1bn via a US-AID backed bond, but they should not bet the ranch on a Russian freeze out.

Pearson, the UK educational and financial publishing group, returned to the euro bond market on Monday after a long absence, and priced a bond right in line with the secondary spreads of its closest media peers. It was followed on Wednesday by a €350m three year deal from competitor Reed Elsevier (see globalcapital.com).

The most politicised new issue for many years – Ukraine’s USAID-backed $1bn five year bond – could be followed by several more as the sovereign battles both the threat of civil war and a raft of redemptions this year and next. But lead managers run the risk of Russia shunning them on its rival future mandates, bankers have warned.

Westpac has priced the first dollar-denominated benchmark covered bond of 2014. On Wednesday the issuer opened books for a five year deal and a three year senior unsecured after mandating Bank of America Merrill Lynch, Citigroup, HSBC and JP Morgan.

Nets, the Danish payment and information services firm, closed the books on its €1.2bn term loan ‘B’ on Wednesday with no change to its pricing.

Perusahaan Gas Negara made a much anticipated return to the dollar bond market this week, printing a $1.35bn 10 year bond on Monday inside its nearest comparable as dealers took advantage of a rally in Indonesian paper. And with no end to that rally in sight, more borrowers are expected to take advantage of the double digit spread tightening, writes Virginia Furness.

Nets, the Danish payment and information services firm, closed the books on its €1.2bn term loan ‘B’ on Wednesday with no change to its pricing.

Citi is set to continue a run of highly oversubscribed 10 year bonds, announcing a self-led trade on Thursday morning. Like deals from BNP Paribas and Crédit Agricole earlier in the week, the deal has drawn a bumper book, even as the 10 year bonds from the two French banks continue to trade wide of initial levels.

ICBC Singapore branch attracted strong investor appetite for a 3.5 year dollar bond that priced on Wednesday night, leading the issuer to print at a larger size than planned.

The Republic of Croatia will start investor meetings in Europe for a benchmark Reg S only bond on Monday (May 19).

Ukraine has printed its $1bn five year bond back by US-AID, with investors hoping that the US government will see this as a more regular financing tool for Ukraine as the country faces the threat of civil war in the eas of the country and a high level of redemptions over 2014-2015.

Encouraging Indian election exit poll results, a recent rating upgrade and rarity value all helped Bharti Airtel price a jumbo dual currency issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made last year, writes Isabella Zhong.