Barclays

The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.

French property company Gecina started its funding programme for 2018 with a €500m 12 year offering on Wednesday after selling €2.5bn of bonds in 2017.

The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.

Three sterling deals this week matched the busiest week of 2018 for the currency as two UK corporate issuers returned to the market after notable absences and a US issuer opted for sterling for its first non-dollar deal.

German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.

China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

CVS Health printed the third-biggest bond deal of all time as it funded its $67.5bn acquisition of Aetna. Bankers hope that a revival in M&A activity will provide a shot in the arm for supply.

John Laing Group, the UK infrastructure projects company, this week unveiled plans for a £210m rights issue to take advantage of a “growing pipeline of opportunities”.

Thursday saw two UK corporate issuers return to the sterling market after notable absences. Southern Gas Networks had not issued for more than two years, while the recently renamed Optivo Finance had been away for five years.

Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.

China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak.