JP Morgan
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Koninklijke DSM, the Dutch food ingredients and chemicals company, launched a snap 10 year bond on Thursday, after a conference call with investors in the morning.
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This week’s CEEMEA deals were trading well in the secondary market on Friday morning. Abu Dhabi Commercial Bank’s $750m bond was almost 10bp tighter after being priced flat. Gazprombank’s 5.5 year transaction was slightly above re-offer, and Russian Railway’s nine year euro transaction was up after being sold against a particularly difficult backdrop.
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Pohjola Bank assumed the sole responsibility for euro senior unsecured supply this week as FIG syndicates had their first glimpse this year of an increasingly frustrating trend — banks turning down excellent issuance conditions because of reduced funding needs. -
A £100m five year convertible bond from UK property firm St Modwen Properties tapped investors' demand for equity-linked paper on Wednesday, with accounts flocking to the deal despite its small size.
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Nationwide Building Society has thrown its hat into the ring for selling additional tier one debt, mandating lead arrangers to gauge interest in what would be the first such deal to be denominated in sterling and the first AT1 paper to be sold by a non-bank institution.
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UK insurer RSA, which took on Stephen Hester as its chief executive earlier in the month, announced a £775m rights issue on Thursday as part of a plan to fix its weak performance and capital position.
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The International Finance Corporation is expected to sell its first offshore renminbi bond listed in London as early as next week in a bid to diversify its investor base in the currency.
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Russian borrowers undaunted by unrest in Ukraine are pushing on with issuance plans and largely being rewarded for their resolve. Gazprombank sold a four times subscribed transaction despite concerns about its Ukrainian exposure while Russian Railways printed a nine year euro bond only hours after Russian fighter jets were placed on high alert.
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Goldman Sachs exploited a stable background in the investment grade market to print its biggest fixed rate deal of the year.
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The dam opened again in the US corporate bond market this week and a torrent of issues poured out, as companies emerged from earnings blackouts and turned the week into the busiest for corporate high grade issuance so far this year.
