JP Morgan
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Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure. -
Hong Kong property company New World Development Co sold a perpetual bond this week, raising $1.2bn to fund a tender offer for a fixed-for-life deal.
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AstraZeneca, the UK drug company, showed the eager demand for merger and acquisition financings this week when it achieved ultra-tight pricing on a $7bn bond issue to fund its acquisition of US biotech firm Alexion Pharmaceuticals.
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Europe’s high grade corporate market this week saw one of its busiest days of the year, with a touch over €4.5bn printed from eight tranches on Wednesday, and investors lapped up most of the deals with ease.
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European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.
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Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
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Days after it sold a private placement, Mamoura Diversified Global Holding returned to the bond market on Thursday for a dollar dual trancher. The syndication will include a Formosa tranche.
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The UK issued a £4bn index-linked Gilt maturing in 2039 on Tuesday, experiencing hot demand as investors flocked to secure protection from the threat of inflation.
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AstraZeneca, the UK drug maker, hit the euro market on Wednesday after printing $7bn across the Atlantic a day earlier. The borrower is building up funds to pay for its $39bn acquisition of US rival Alexion Pharmaceuticals.
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Hammerson, the UK property development company, launched a sustainability-linked bond through its Irish subsidiary on Wednesday, hoping to achieve a better cost of funds by printing a deal that was eligible for ECB buying. The still-nascent SLB market gave few comparables for the trade, leaving investors needing a range of metrics to try and determine fair value.
