Bank of America

Guarantor: Japan

The stampede by corporate dollar issuers continued into a second consecutive week with Italian energy giant Enel printing the largest ever deal by an Italian corporate in the US investment grade market, and the second biggest Yankee deal of 2017.

A group of private equity firms have joined forces to merge UK insurance broker Towergate and four peers into a new industry player called Kirs, and this week launched a £800m bond to back the move.

Reliance Infrastructure has received the final go ahead from India’s market regulator to list its infrastructure investment fund, putting it on track to be the country’s third InvIT IPO.

WuXi Biologics’ HK$3.9bn ($510.4m) IPO is off to a resounding start, with books multiple times covered within hours of opening on Thursday, according to bankers close to the deal.

The Asia ex-Japan G3 bond market saw a slew of issuers from a variety of backgrounds hit the market on Thursday, with borrowers from Greater China as well as Indonesia venturing offshore.

UK airport Heathrow landed orders for more than five times its £250m offering on Wednesday, in a week with less than €500m of new paper in sterling and euros in the high yield bond market.

Borrowers in the public sector debt market are still enjoying the afterglow of Emmanuel Macron’s victory in the French election but, with Ascension Day sidelining much of Europe and a UK bank holiday Monday, the pace is expected to slacken.

Korea Gas Corporation is getting ready to gauge investor interest for a new dollar bond, and will kick off a roadshow in Europe in June.

The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.

KfW launched a three year global on Tuesday, raising $5bn, while Japan Bank for International Cooperation picked banks for a four tranche dollar trade.

KfW will be the first public sector borrower to test a dollar market where swap spreads have rebounded off the 2017 lows they hit in the middle of last week.