Bank of America

US corporate new issues have plunged to multi year lows as issuers shrug off strong demand due to the cost of carry. Even Thursday’s confirmation of European Central Bank quantitative easing, which opened the floodgates for FIG issuers, could not move corporate borrowers off the sidelines.

Dominican Republic harnessed investor appetite for long dated Latin American debt to bulk up its 10 and 30 year dual tranche offering to a record $2.5bn. While the leads declined to disclose the order book’s final size, it was comparable with the $8bn Mexico attracted to its similar deal last week.

Italian electricity company Enel has priced a €1.46bn 10 year bond, to be issued to the holders of six shorter dated bonds, after 25% of the investors accepted an exchange offer.

International bond investors welcomed back Reliance Industries for the first time in two years as the Indian conglomerate priced a $1bn 10 year offering on January 21. The deal notched up a number of landmarks, being the first Indian credit to come to market in 2015 and achieving the lowest coupon ever for the issuer in the offshore market.

Tele Columbus is on the verge of pricing its IPO, the first of the year in Europe. The German cable company’s sale has been a success, and will be priced at €10 a share, the midpoint of the €8 to €12 range, and the top of the revised range.

SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, the largest European leveraged takeover financing of the year so far.

Dominican Republic increased the size of its dual tranche offering to $2.5bn on Wednesday after strong demand from investors. The sovereign had originally been looking to raise $1.5bn but despite a good reception from the buyside, it paid up to 35bp NIP for the 10 year note, according to bankers.

A good market window brought Reliance Industries bank to the bond market on January 21 with the Indian conglomerate appointing a large syndicate to reward banks who have worked on its loans.

Tele Columbus’s IPO is oversubscribed, with demand coming in at a variety of levels within the €8 to €12 a share range.

Enel, the Italian electricity company, has set the minimum spread for its new 10 year benchmark euro bond at 115bp over mid-swaps, which one banker described as a "very investor-friendly" level.

A $3.1bn piece of Tata Steel’s $5.6bn multi-trancher was signed in December with 34 lenders. The deal has been singled out for praise by many loans bankers for its structuring that led to success despite the borrower operating in the troubled steel sector.

Bond investors said a sell-off in Colombian oil company Pacific Rubiales Energy was overdone, saying fears that the borrower was going to breach its covenants on the back of low oil prices were misguided.