JP Morgan

Spac mania is taking off in Europe, with the largest European blank cheque company IPO so far successfully pricing this week, and more deals in the works.

The Development Bank of Kazakhstan on Thursday launched a dual tranche bond in dollars and Kazakh tenge. Investor interest in emerging market local currency debt has increased over the last year, as the hunt for yield grows.

Two triple-A rated supranational borrowers scored big in the Australasian bond markets on Wednesday with the Asian Infrastructure Investment Bank selling its first Kangaroo trade and the World Bank bringing the joint biggest ever SSA Kauri bond – equalling the record it set last year.

SK IE Technology raised W2.29tr ($2.07bn) this week from the largest Korea IPO since 2017. The deal achieved record demand as institutional investors bet on a sector leader and retail buyers rushed to the market for short term gains. Jonathan Breen reports.

Issuers piled into Europe’s high grade corporate market on Wednesday but investor responses were mixed when it came to the deals at the tightest spreads.

Market participants rejoiced this week as the primary market landscape returned to normal after US Treasury yield volatility subsided and a number of deals, both investment grade and high yield, came to the market.

A Chinese state-owned shareholder of Orient Overseas (International) has raised HK$840m ($108.2m) from the sale of a block of shares, according to a source familiar with the matter.

French borrower La Banque Postale (LBP) has visited the private placement market to raise tier two debt, which could go towards financing the call of its April 2026 line.

South Korea's Incheon International Airport Corp made its debut in the dollar bond market this week, issuing a $300m green bond.

Pegasus, a new special purpose acquisition company focused on European financial services, has begun bookbuilding for its IPO on the Amsterdam Stock Exchange, with a target deal size of €500m.

Goldman Sachs extended a record run of US bank bond supply by visiting the euro market on Monday and raising €3.5bn of senior debt.

Philippines-based Monde Nissin has won regulatory approval to launch its IPO next month.