Bank of America

Low supply in April plus an expected rates cut from the European Central Bank next month should have investors gagging for sovereign, supranational and agency paper in euros at any price offered. But as borrowers demonstrated this week, successful deals will be those that offer something in terms of pricing or maturity, as buyers look to pick up yield or spread in an ultra-low rates environment, writes Tessa Wilkie.

China Cinda Asset Management made its dollar debut on Wednesday night with a $1.5bn dual tranche bond. Although negative sentiment on China led dealers to take a cautious approach with initial guidance, the trade was able to land inside fair value after pricing tightened by 25bp.

Media companies are rare birds in the European corporate bond market, so it was a surprise on Wednesday when, with Pearson in the midst of a roadshow, it was leapfrogged by Wolters Kluwer, which brought out a €400m no-grow deal.

German chemical and pharmaceutical company Bayer has mandated three banks for a bridge loan to finance its $14.2bn acquisition of Merck & Co's consumer care business.

Sovereign, supranational and agency issuers should be able to take advantage of pent-up demand to print benchmarks at ultra-tight levels next week, following a popular print from the European Stability Mechanism on Wednesday which came 3bp inside initial price thoughts.

China Cinda Asset Management opened the books for a Reg S/ 144A dual tranche issue on Wednesday morning. Despite the complex nature of the issuer’s business, dealers are optimistic that the transaction will be able to overcome the challenges that China Orient Asset Management faced last year.

Brazilian lender Caixa Econômica Federal’s latest bond issue on Tuesday showed that concerns about the government’s use of state banks to increase economic growth are not preventing these institutions from capitalising on consistent demand for LatAm debt.

Quick, list three things you would absolutely not want to do with your weekend. If you said you’d rather not go to Cardiff to compete in a gruelling pan-European fitness competition, well done on your weirdly specific response. But that’s exactly what Bank of America Merrill Lynch’s David Pepper did on the last weekend of April, and if Pepper is anything like Loan Ranger, it was probably just done to make the rest of us look bad.

ANZ, Bank of America Merrill Lynch and RBS have been mandated on a $205m refinancing loan for Khopoli Investments, a subsidiary of India’s Tata Power, according to bankers on the trade.

Chinese real estate developer Fantasia Holdings has filed its A-1 to spin off its property management business — Colour Life Group — onto the Hong Kong Stock Exchange.

Two more instalments in the unfolding saga of the corporate floating rate note appeared this week, with a €500m 4.9 year deal by Société des Autoroutes Paris-Rhin-Rhône on Tuesday and a €300m three year by Volkswagen Bank on Wednesday.

Coca-Cola Enterprises launched a €250m bond on Monday that was priced exceptionally tightly. That is not unusual for the issuer, but it was helped by the very slight issuance of euro corporate bonds for the past fortnight.