Bank of America

Four new corporate bonds hit the market on Wednesday. In a change from recent days, all the deals were of moderate size and single tranched. Terna, the Italian grid operator, and Banque PSA France were typical in launching €500m no-grow deals. Book sizes diverged strongly, with those two issuers getting heavy oversubscription, while Aroundtown and Voestalpine had much less.

The Inter-American Development Bank closed the books on a £500m tap of its December 2023 bonds on Wednesday, finding success in a sterling market that bankers away from the deal said requires pinpoint timing from borrowers.

Streaming platform Bilibili pulled off a combined convertible bond and American Depository Share (ADS) placement this week, raking in $737.4m after the fundraising was increased following strong Asian demand. The deal comes just a week after its larger peer iQiyi sold a record ADS convertible. Jonathan Breen reports.

ABB, the Swiss-Swedish machinery maker, issued an unusual bond on Tuesday: an 18 month floating rate note that grew as large as €1bn.

The Province of Quebec came “significantly” through fair value in its $1bn five year trade on Tuesday, as the issuer was able to take advantage of rarity in both its own name and SSA dollar issuance.

Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.

Nasdaq-listed Chinese streaming platform Bilibili has opened books for a concurrent convertible bond and placement of American Depository Shares, eyeing combined proceeds of up to $614m.

Chinese state-owned investment bank Shenwan Hongyuan Group kicked off pre-marketing on Monday for its Hong Kong IPO.

Talos Capital has sold a €191.4m stake in Aena SME, the Spanish airport operator, capping off the biggest week for equity block trades in Europe this year.

Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.

Vodafone launched and priced on Thursday a $2bn hybrid capital issue, to gain some more equity credit in the eyes of the rating agencies. The deal follows Moody’s decision on Monday to give no equity credit to Vodafone’s £3.4bn mandatorily convertible bond, issued on March 5.

Chinese streaming platform iQiyi, which is backed by internet giant Baidu, tapped the equity-linked market this week with a record-breaking deal — the largest American Depository Shares (ADS) convertible bond — and could help boost issuance in the asset class. Jonathan Breen reports.