JP Morgan

Deliveroo and its shareholders raised £1.5bn this week. The IPO was a dog, priced at the bottom of its range and falling 20% on its debut. But it’s hard to feel sympathy for the investors.

Borrowers packed deals into the US corporate bond market this week before the Easter holiday weekend. Among them, BMW enjoyed a strong order book for its first dollar issue for a year.

A seemingly endless supply of real estate companies coming to the high grade bond market continued this week, with Deutsche Wohnen and debut deals from Canary Wharf and VGP giving investors another chance to load up on the sector.

Investors poured into a five year senior preferred deal from Banque Fédérative du Crédit Mutuel on Monday, as accounts look for shorter defensive deals to hedge against rates volatility further along the curve.

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The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break.

VGP, the Belgian logistics real estate company, has made its debut in the bond markets with green trade that found chunky demand. The deal was the second debut benchmark from a European real estate credit in as many days.

Subordinated debt investors are scrambling to understand what the collapse of US hedge fund Archegos will mean for Credit Suisse. A heavy loss would undermine the bank’s capital cushion, which protects its additional tier one coupons.

The Islamic Republic of Pakistan marketed its first dollar bond in more than three years this week, following the return of the country’s IMF programme. The triple tranche transaction raised the south Asian country $2.5bn — and proved its resilience in the face of the pandemic. Morgan Davis reports.

Property company China Jinmao Holdings Group sold its second dollar bond of 2021 on Tuesday, raising $600m from a five year note.

Dexia Credit Local was able to push the pricing of its new dollar benchmark on Tuesday thanks to pent-up demand for high quality paper in the currency.

An environmental activist institute has argued that the bookrunners of a Korea National Oil Corp $700m bond priced on Tuesday are being inconsistent with their own climate policies, and might even be taking legal risks, because of the issuer's exposure to tar sands oil production in Canada.