Bank of America

Investors were given a double dose of green paper from the Philippines this week, as Rizal Commercial Banking Corp (RCBC) rolled out a $300m sustainability bond a day after Bank of the Philippine Islands (BPI) sealed a green deal.

CCB Leasing added $300m to its 3.5% 2024 bonds on Wednesday, taking the total size of the transaction to $800m.

Five new corporate bond issues including a €3bn issue from AT&T hit the market on Wednesday, after Danaher had completed its €6.25bn deal on Tuesday, leaving room for more companies to borrow.

SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.

South Korea’s Hyundai Capital Services pulled a dollar bond sale on Tuesday due to poor market conditions. Bankers away from the transaction blamed the failure on excess supply in the US.

Chinese local government financing vehicle (LGFV) Zhangzhou Jiulongjiang Group Co reopened the post-summer bond market with a $500m deal, making its debut in dollars.

The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.

US corporate bond desks are braced for the busiest month of the year when September supply kicks off after the Labor Day holiday on September 2, but negative rates in Europe have raised the prospect of US companies shunning the dollar market.

Lenders unconcerned as recession portents mount — Booking Holdings gets global group for revolver — Pemberton raises €3.2bn more for Europe’s mid-market — Eurotorg re-enters rouble debt market

SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt.

SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.