Barclays

Broadcom printed the biggest corporate trade of the year so far as yield hungry investors snapped up triple-B rated names ahead of US president-elect Donald Trump’s inauguration next week.

Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.

The sterling high yield bond market on Thursday sent a message of confidence to issuers as UK telecoms firm TalkTalk increased its £300m unsecured bond on the back of heavy demand.

Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.

BayernLB was set to issue its first sterling public sector Pfandbrief on Thursday with the latest order book update suggesting it had made good headway by paying a super attractive spread.

Israel reopened the CEEMEA bond market in style on Wednesday, placing a rare 20 year euro bond, part of a €2.25bn dual tranche offering, which enabled the issuer to tap into new investors.

Adani Ports and Special Economic Zone continued the Indian issuer trend this week, grabbing $500m from international investors as Chinese borrowers wait until after the New Year holiday to hit the market.

Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.

Israel burst onto screens on Wednesday to open CEEMEA issuance for 2017. A popular name with investors, the 20bp premium offered at initial price thoughts seemed to go down well with the €6.5bn of orders submitted before lunch.

Indian power company NTPC and Malaysia’s Genting Overseas Holding Company are planning their respective debut outings, with the former seeking euros and the latter dollars.

India’s Adani Ports and Special Economic Zone and China’s Taikang Insurance Group are drawing investors’ attention to their respective dollar offerings on Wednesday.

The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.