North America
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After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years. -
Equity volatility has threatened a comeback in the past week as markets prepared for the European Central Bank meeting on Thursday. But after the ECB performed within market expectations, announcing a 50% reduction in its bond buying programme, fear gauges settled down once again.
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While Verizon and Danone amassed combined order books totalling more than €22.5bn on Monday, US consumer goods company Procter & Gamble returned to the euro market somewhat under the radar for its first deal in the currency in two years.
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Corporate borrowers dashed to print as investment grade spreads maintained their record levels ahead of a sell-off in US Treasuries, as speculation grew that US president Donald Trump would appoint a policy hawk to replace Janet Yellen as Fed chief.
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A euro and sterling deal from Verizon was the only corporate bond deal in the pipeline when bankers returned to their desks on Monday morning.
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The dollar market sprung back to life as US banks dominated supply this week, with Goldman Sachs and Citigroup taking home more than $11bn through self-led trades.
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The SEC has extended a temporary olive branch to Europe in the form of a no-action relief statement, allowing US broker dealers to receive research payments from European money managers and advisory clients.
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Weibo Corp delighted investors on Thursday with an $800m print in the equity-linked market, the largest convertible bond by a debut US-listed Chinese issuer.
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Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.
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Hutchison China MediTech hit the market on Wednesday with a view to raising around $262m from a follow-on sale of American depository shares (ADS), according to a term sheet seen by GlobalCapital Asia.
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Nasdaq-listed Weibo Corp has opened books for the sale of up to $800m in convertible bonds, in its first outing to the equity-linked market.
