Barclays

Two German issuers returned to the corporate euro bond market on Tuesday, amid a thirst for risk among investors sparked by last weekend’s G20 meeting.

KfW and Bpifrance hit screens with taps of existing debt on Tuesday, with levels so tight that the sovereign, supranational and agency market’s best rated names are finding it trickier to get traction from investors.

Three public sector borrowers announced plans for new issues on Monday as issuers took advantage of a shift in sentiment following the G20 summit at the weekend.

Israel has returned to the market for a second time in 2019 to extend its euro curve by 20 years, placing its first ever 50 year note through a private placement.

The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.

Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.

Standard Chartered sailed into uncharted waters on Tuesday to make its Kangaroo debut. The bank issued A$1bn ($700m) across fixed and floating rate tranches, following Barclays' A$800m return to the currency last week.

Gansu Provincial Highway Aviation Tourism Investment Group Co priced a $300m bond that was over eight times covered at its peak, in yet another busy week for issuance from Chinese local government financing vehicles (LGFVs).

Investors embraced the duration offered by Adani Ports and Special Economic Zone this week, snapping up its $750m trade and pushing the order book to a hefty peak of $4.5bn.

Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.

Medtronic, the Irish-registered US medical devices maker, returned to the euro bond market on Tuesday for a jumbo issue of €5bn, only three months after issuing a €7bn deal - a move that highlights the attractiveness of the euro market. Once again, Medtronic is using the money to buy back dollar bonds.

Investors poured into Agence Francaise de Developpement (AFD)’s 10 year euro benchmark on Tuesday, allowing the French agency to issue its largest ever trade in the currency.