JP Morgan
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Indian renewables company Hero Future Energies Asia made its debut in the dollar market on Thursday with a $363m green bond. -
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Deutsche Bank and Standard Chartered sold their first green and sustainable bonds in dollars this week, giving US investors a chance pick up supply that would normally be expected to arrive in euros.
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Repsol, the Spanish oil company, brought a junk rated hybrid capital bond on Monday, but orders fell away towards the end of the execution process as debt bankers say investors are becoming more price sensitive.
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France became the latest European sovereign bond issuer to confront the problem of inflated orders with the sale of its second green OAT via syndication on Tuesday. But instead of bringing the spread in to price extremely tight like Italy and Spain did earlier in the year, France instead attempted to control the sale process by engaging with investors to persuade them not to put in excessive tickets in the first place. Burhan Khadbai reports.
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Barclays and Standard Chartered gave euro investors rare opportunities to build subordinated exposure to UK banks this week. The issuers were looking to benefit from strong market conditions during a more stable trading period for interest rates.
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Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions this week, though German real estate company Vonovia’s debut green deal showed that ESG demand is still strong enough that borrowers don’t have to offer extra.
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National Grid, the UK utility, is planning a loan-funded £7.8bn acquisition of the UK’s largest electricity distribution business from US firm PPL Corp. The deal could see £2.7bn of the utility’s assets sold to PPL.
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JP Morgan has hired Mark Carlile as vice-chairman of mergers and acquisitions for its Australia and New Zealand franchise, according to an internal memo.
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The Hong Kong Stock Exchange has had a stellar week, hosting two secondary listings worth about $6bn in total in quick succession. The latest out of the gate is Chinese video sharing and gaming platform Bilibili, which kicked off a potential $3bn float within hours of internet giant Baidu wrapping up its multi-billion-dollar deal. Jonathan Breen reports.
