North America
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The stampede by corporate dollar issuers continued into a second consecutive week with Italian energy giant Enel printing the largest ever deal by an Italian corporate in the US investment grade market, and the second biggest Yankee deal of 2017. -
With borrowers universally ahead of schedule in their funding programmes but investors hungry for more supply, attention is turning to the market for socially responsible investments. Three agencies hit screens to sell SRI bonds this week, while a fourth is on the road marketing another.
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JP Morgan smashed through $15bn of year-to-date TLAC issuance this week as a trio of banks hit the dollar market, ahead of a brief break for Memorial Day holiday.
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Sharon Bowen, one of only two sitting commissioners on the US Commodity Futures Trading Commission, has voted to advance budget proposals made by acting chairman Christopher Giancarlo, but also said the regulator was underfunded and should receive contributions from market participants.
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Export Development Canada breezed through its first green bond issue of the year on Wednesday, building a book nearly twice subscribed and tightening 2bp from initial price thoughts.
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Internet and mobile platform company Sea, formerly known as Garena Interactive Holding, is planning a US IPO, according to a source familiar with the matter.
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A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.
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Nest, the UK national employment savings trust, has become the latest in “a flurry” of buyers to move into high yield bonds.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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Bright Scholar Education Holdings’ decision to price its IPO above the range paid off handsomely as the stock surged over 30% on its debut on the New York Stock Exchange.
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What, on Wednesday, seemed to be primary capital markets gung-ho for any deal imaginable by Thursday looked more like a market on the skids as concerns intensified over the endless controversies dogging US president Donald Trump’s administration.
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