Bank of America

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.

Rentenbank printed at a tight spread on Thursday with a 10 year euro benchmark, swelling the deal to €1.25bn.

Türk Telekom printed a $500m six year bond on Thursday at 7%, capping an extraordinary week in the CEEMEA bond markets. The company's outstanding paper had rallied following the release of initial price guidance for the bond, such was the demand for exposure to the credit.

Rentenbank hit screens on Wednesday to announce a 10 year euro benchmark, joining a resurgence of long-dated euro supply.

Mashreqbank printed its $500m five year dollar bond on Tuesday, with orders for the deal topping $1.8bn and leads reporting strong Asian demand for the note.