JP Morgan

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.

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.

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.

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.

Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months.

France’s Action Logement Services (ALS) is preparing to issue its second ever bond, after making its debut in the capital markets in October 2019.

The Islamic Republic of Pakistan returned to the bond market on Wednesday, raising $1bn in a triple part tap of its existing dollar bonds. Market participants say they are ‘impressed’ with the way reforms are headed in the South Asian country amid its International Monetary Fund programme.

Korea Gas Corp, a government-owned borrower, found ample support for its dual tranche $800m bond, with demand of more than $5bn during bookbuilding allowing the firm to price the notes around some fair value estimates, and well inside others.

Westpac New Zealand attracted plenty of demand on its rare trip to the senior euro market this week, printing its €750m deal flat to fair value.

A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.

UK private equity group Bridgepoint has confirmed its intention to float on the London Stock Exchange.

Finland’s Municipality Finance has sold its first bond linked to one of the new risk-free rates, opting for the Secured Overnight Financing Rate for its $200m floater.