JP Morgan
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Swedbank came to the dollar market for the first time in nearly a year with a $1bn five year 144a offering of senior level bank notes on Thursday.
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Sovereign issuers should take heart from the scale of demand for Canada’s tightly priced return to the dollar market, say DCM bankers. The country sold a tightly priced dollar benchmark on Thursday, and the success of the trade could help push forward issuance from other sovereigns. -
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Issuance of European subordinated FIG debt hit its highest year-to-date level since 2007 this week, as tier two debt wrested the limelight back from senior unsecured with a small but solid deal from Swedbank and a €5bn book for ING.
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German property firm Grand City Properties (GCP) completed a €150m convertible bond on Monday, having delayed the deal to take advantage of its upgrade from Standard & Poor’s late last week.
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Russian borrowers have been conspicuous by their absence in the bond market this year, but that changed this week with three benchmark-sized transactions despite the awful events in Ukraine. The deals from Gazprom, Sberbank and Russian Agricultural Bank bode well for borrowers such as Russian Railways which is planning its own bond.
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Banco Comercial Português’ successful return to the senior unsecured market was driven more by renewed demand for its name than a general pick-up in eurozone sentiment and a hunt for yield, said bankers who worked on the deal.
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Russian energy company Gazprom impressed debt bankers with a smoothly executed seven year euro transaction on Wednesday, which was sold with a minimal new issue premium to a range of investment grade accounts, said syndicate officials on the deal.
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Unrated Hong Kong issuer New World Development Company upsized its seven year deal from $600m to $750m and priced at the tight end of the range due to an unexpected level of investor demand.
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Equity-linked bankers hoping for 2014’s wave of large, high quality deals to begin may have to wait a little longer, after reports on Wednesday that Telefónica's proposed €8.6bn acquisition of KPN’s German business may be delayed.
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Russian Agricultural Bank took its July 2018 senior bonds to $1.3bn with a $500m increase on Tuesday, and priced the deal with a decent concession after attracting new buyers into the tap.
