Bank of America

The European Investment Bank will look to extend the Sonia-linked floating rate note curve on Tuesday with a seven year trade. On-looking bankers welcomed the development but said it would not lead to a rush of issuers heading for that part of the curve.

Cadent Gas has sold £680m-equivalent of US private placements (US PP) across several tranches, in dollars and sterling, according to market participants, in one of the largest PP transactions from a UK utility on record. This is evidence that PP investors are not shying away from UK names, market participants claim, even amid the uncertainty of Brexit.

Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.

ICBC Financial Leasing Co pulled off an ultra-tight spread on both tranches of a $1.5bn bond. The issuer built a mammoth order book with generous initial guidance but ultimately pushed investors inside fair value estimates.

Erste Abwicklungsanstalt (EAA)’s decision to forego the price discovery process on its first benchmark of 2019 paid off, as the issuer printed more than its original target for the dollar deal on Tuesday at a level that some SSA bankers away from the deal said may have been slightly through its secondary curve.

Colgate-Palmolive, the US consumer products company, has added to the recent splurge of new reverse Yankee supply with a €1bn dual-tranche that was seven times oversubscribed.

The Coca-Cola Company has reopened the European corporate bond market this week with a €3.5bn four-tranche offering to refinance euro-denominated debt due later this year. The company hit screens despite a difficult earnings update last week that caused the biggest daily drop in its stock in a decade.

Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers.

The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.

Erste Abwicklungsanstalt (EAA) looks set to have the dollar market to itself on Tuesday with its first benchmark of the year, and is foregoing the price discovery process.

India’s largest telecommunications service provider Vodafone Idea has hired three banks to handle a rights issue that could raise up to Rp250bn ($3.5bn), according to a source close to the deal.

Property companies in Greater China raised more than $6bn from the bond market this week, sparking fears of indigestion.