News content

The US decision not to renew sanction waivers for Iran’s remaining export markets has boosted the price of oil and opened a window for oil and gas capital markets activity, write Sam Kerr and Mike Turner.

Ukraine might be angling for an opportunity to issue a Eurobond, but with a new president-elect unsettling capital markets and IMF relations best described as frosty, investors would rather the sovereign held off.

Saudi Telecom Company is embarking on investor meetings to market a debut benchmark dollar Reg S/144A sukuk. However, investor enthusiasm for Saudi corporate bonds may have been dented as the $12bn bond Aramco printed a fortnight ago remains wide of reoffer.

Barclays beat expectations in fixed income, currencies and commodities trading (FICC), according to its first quarter results announced on Thursday, which it attributed to a strong performance in rates. This helped to offset reduced fees for deals and an equity trading slump, as its corporate and investment bank seeks to provide the return on capital in the face of shareholder pressure.

Malaysian poultry producer Leong Hup International (LHI) has filed the prospectus for its coming IPO of up to MR1.2bn ($290m).

More evidence of the strength of demand from Swiss retail investors for attractive coupons was provided last week when Luzerner Kantonalbank (LuKB) priced an additional tier one (AT1) transaction shortly before the Easter break. Led by LuKB and ZKB (sole structurer), and priced at a coupon of 1.8%, this non-call 6.5 year deal raised Sfr250m.

Suntec Real Estate Investment Trust (Reit) on Tuesday priced a placement of new units, increasing the size of the deal to raise S$200m ($147m).

Despite the roadshows crowding high yield bond markets this week, Netflix could not help but draw most attention from investors. Its $2.2bn-equivalent euro and dollar issue on Wednesday was increased and is said to have been three times covered. While the company has $10bn of capital market debt outstanding already, it owes more than $27bn long term to its content providers.

Cyprus received strong investor demand for its longest ever bond on Wednesday, with the combined order book for the dual tranche trade topping €10bn at the final terms.

French IPOs could return before the end of the year, with two large listings being prepared for as early as the second half of 2019, according to sources.

Société Générale has issued the first covered bond as a security token on a public blockchain last week.

The Development Bank of the Republic of Belarus has released initial price guidance for its Eurobond debut at 7% area for a five year Reg S/144A dollar bond. A banker away from the deal called the level fair.