Bank of America

Investors proved their appetite for corporate bonds this week by gobbling €5bn of them on a single day, as Publicis Groupe and BMW issued jumbo deals on a second consecutive day of heavy issuance in Europe.

After 10 days of very scanty issuance and some weak markets, more stable conditions on Tuesday brought a salvo of five deals to the euro corporate bond market, offering a wide range of single-A and triple-B credits.

Investors are calculating the value of Airtel Africa, the African subsidiary of Indian telecoms conglomerate Bharti Airtel, as it is going ahead with a floatation on the London Stock Exchange (LSE).

Volkswagen has rebooted the IPO of Traton, its trucks division, after the deal was delayed in March due to volatility in equity markets caused by the ongoing trade tensions between the US and China.

French pharmaceutical firm Ipsen is holding a roadshow for possible US private placement notes this week, according to market sources.

US utilities continued to dominate dollar corporate bond issuance this week, as defensive names piled into the market before trade tensions slammed the brakes on supply on Wednesday. But issuers fought back on Thursday.

Agence Française de Développement (AFD) struck a lonely figure in dollars this week with a $650m two year floating rate note on Wednesday, though syndicate bankers said that several borrowers are lining up to pull the trigger on trades in the first week of June.

Louis Dreyfus Co, the Dutch-based agricultural commodities trader, has renewed its $750m North American bank credit line, and become the latest company to add a sustainability-linked element to its revolving credit facility.

South Korean oil refiner GS Caltex Corp raised $300m from a senior bond on Wednesday.

The Dominican Republic’s second global peso bond issue helped it raise $2.5bn in tough markets on Wednesday via a dual currency offering.

Agence Francaise de Developpement (AFD) was on the cusp of printing a $650m two year floating rate note on Wednesday, going against the recent trend among SSA issuers in dollars for fixed rate securities.

European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.