Bank of America

Nan Fung International Holdings printed its first bond in the dollar market since September 2012 on Thursday. A small deal size and agile timing drove pricing for the investment grade Hong Kong developer’s 10 year issue deep inside its existing curve.

Guarantor: Japan

Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.

Two Mexican financial institutions are meeting the buy-side ahead of the potential dollar issues as the country’s issuers continue to enjoy optimum issuance conditions thanks to strong bond markets and the reform agenda driving popularity with investors.

Leveraged loans bankers have welcomed a €7.5bn loan to finance DE Master Blenders’ merger with the coffee business of Mondelez International. But big deals alone don’t make the market, and lenders are growing increasingly concerned about the lack of deal flow among mid-market borrowers.

Saga, the UK provider of holidays and other services for the over 50s, will use proceeds from its IPO on Thursday to pay off £550m of loans signed in April.

Hong Kong property developer Nan Fung International Holdings made a return to the dollar market on Thursday with a ten year bond. The investment grade issue has been met with strong demand, with the orderbook at over $2.5bn when bankers announced final guidance.

The $1.78bn IPO of Chinese online retailer JD.com got a rousing reception from investors, so much so that bankers on the trade were forced to cross out one third of the bids.

Banca Inbursa, the Mexican commercial bank owned by Carlos Slim’s family, will begin a roadshow on Friday ahead of a planned 144A/Reg S bond.

Several companies including GDF Suez delayed plans to issue corporate bonds in Europe on Wednesday, as markets looked ugly at the open. There was a flurry of MTN and niche currency issuance this week, especially from BMW, but the only mainstream corporate bond issue on Wednesday was from Prologis, the US warehouse Reit.

Several companies delayed plans to issue corporate bonds in Europe today, as markets looked ugly at the open. There has been a flurry of MTN and niche currency issuance this week, but the only mainstream corporate bond issue today was from Prologis, the US warehouse Reit.

Syndication has launched on $14.2bn of debt to back German chemicals and pharmaceuticals firm Bayer's purchase of Merck & Co's consumer care business.