Barclays

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.

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

Swedish Export Credit Corporation on Wednesday priced what bankers away from the deal said was a “very strong trade”, as it printed in the same five year tenor that has brought success for SSAs over the last few weeks. But one borrower is set to attempt a tenor that has not been visited since late January.

On Wednesday, German business software company SAP printed a €1.5bn triple tranche deal at tight spreads following more than a year and a half without issuing, while American IT services firm DXC sold its first non-dollar deal.

State Bank of India’s latest $750m loan is set to move into the retail phase within the next couple of weeks, according to bankers.

China Minsheng Banking Corp’s Hong Kong branch has raised $1bn from a dual-tranche transaction. While the fixed rate portion was supported by Mainland banks, demand for the floating rate note (FRN) was yet another testimony of the market’s deep interest in the format.

India’s IL&FS Transportation Networks had to postpone its dollar bond debut after a series of unfortunate events on Tuesday. A weak market backdrop, a cautious investor base and a hefty pipeline of deals combined to dash its hopes, writes Morgan Davis.

SSA borrowers are piling up in dollars. Swedish Export Credit Corporation (SEK) will bring a five year benchmark on Wednesday, coming on the heels of Oesterreichische Kontrollbank’s (OeKB) own deal in the tenor on Tuedsay.

Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.

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 still managed to issue its longest maturity deal so far in euros, alongside a tender offer.