Bank of America

Five new corporate bond issues including a €3bn issue from AT&T hit the market on Wednesday, after Danaher had completed its €6.25bn deal on Tuesday, leaving room for more companies to borrow.

SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.

South Korea’s Hyundai Capital Services pulled a dollar bond sale on Tuesday due to poor market conditions. Bankers away from the transaction blamed the failure on excess supply in the US.

Chinese local government financing vehicle (LGFV) Zhangzhou Jiulongjiang Group Co reopened the post-summer bond market with a $500m deal, making its debut in dollars.

The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.

US corporate bond desks are braced for the busiest month of the year when September supply kicks off after the Labor Day holiday on September 2, but negative rates in Europe have raised the prospect of US companies shunning the dollar market.

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SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt.

SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.

US toymaker Hasbro is to take up on $3.6bn new debt to buy media company Entertainment One, acquiring porcine superstar Peppa Pig, among other brands, if rival bidders don’t scupper the deal. Hasbro may choose to pay a make-whole price to Entertainment One’s bondholders, who bought the company's issue less than three months ago, a research company predicts.

Europe's corporate bond market opened emphatically for business on Tuesday, as seven issuers banished all memories of the summer holiday. Despite there being plenty of choice for investors, demand was high across the board. Multiple deals were two to three times oversubscribed, while the largest, a €3.5bn four trancher from Siemens, the machinery maker, was nearly 4.5 times covered.