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◆ First of seven syndications breaks multiple records ◆ Investor engagement and communications helped stable execution ◆ Smaller programme this year but ‘still a lot’ to tackle
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability
◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals
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US exchange operator Chicago Mercantile Exchange is considering acquiring post-trade and markets operator Nex Group, the latter firm confirmed in a circular to investors on Thursday night. -
International condemnation of Russia, which stands accused of poisoning Sergei Skripal and his daughter in the UK, has not stopped the country from forging ahead with plans to raise money in the Eurobond market. Russia had taken orders of $4.5bn and revised guidance for a new 11 year bond and a tap of its 2047s by Friday lunchtime.
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Côte d’Ivoire took combined books of €4.8bn for its milestone dual tranche 11 and 30 year euro bond on Thursday, with investors voicing relief that the issuer had not squeezed pricing too much from the initial talk.
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Buy Way Personal Finance enjoyed solid demand for a tightly priced inaugural full capital stack credit card deal. Also the first cards deal from Belgium and Luxembourg, it was priced inside EDML 2018-1, a recent Dutch RMBS collateralised on secured loans.
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Republic of Côte d'Ivoire was already hitting milestones with its new dual tranche euro trade on Thursday. Its 30 year offering is both the longest ever euro bond from sub-Saharan Africa, and looks set to be one of the highest yielding euro-denominated bonds from any sovereign in recent years.
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Hungary has priced its first Japanese yen deal in over a decade, achieving its lowest ever funding cost, as its love affair with Asian currencies for diversification continues.
