Bank of America

Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.

Republic of Ghana postponed its dollar bond issuance on Thursday after pricing moved against the issuer. It will proceed with a $100m buy-back of its 2017s but there is confusion about the outcome of a parliamentary vote on Tuesday.

Public sector dollar flow picked up on Wednesday after a quiet start to the week, as World Bank brought a four year benchmark and Tunisia sold a bond backed by the US government.

Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.

From September 30, Bank of America Merrill Lynch's benchmark index for global corporate high yield bonds will only list issues of €250m or higher — reflecting the market's taste for larger transactions.

Republic of Ghana is still expected to open books on a five year amortising note this week, though no exact timing has been given, a lead banker said on Wednesday.

Postal Savings Bank of China’s mammoth $8bn-$10bn IPO in Hong Kong is a “once in a decade type deal” and investors already appear willing to pay a premium for a slice of the trade, say bankers.

Primary bond activity in Asia sprang back to life on Wednesday following a slow start to the week, with high yield issuance leading the way.

US coatings manufacturer Axalta priced its $875m dual currency offering on Tuesday as it brought this week’s second cross-border bond, at pre-Brexit pricing levels.

Johnson Control’s automotive business, Adient, on Monday began a roadshow for $2bn-equivalent of high yield notes, with a 17 strong group of bookrunners.

Ghana is on the road this week for its first standalone bond since 2014. The government will use the new issue to buy back its $500m 2017s as part of its push towards "smart" debt management. In a market where yield is king, bankers expect the deal to go well, despite concerns about the country's widening budget deficit.

Two Hong Kong issuers hit the dollar debt market on Monday, with CSI Properties launching a new five year bond, while Hong Kong Airlines re-opened its existing notes, driven by reverse enquiry.