Barclays

Wednesday was another deal-less day for Europe's investment grade corporate bond market, as choppy conditions led borrowers to shun issuing — despite a packed pipeline.

One of India’s largest port operator Adani Ports and Special Economic Zone is venturing into the international bond market for the first time having started gauging investor sentiment this week.

Two first time bond issuers joined the corporate pipeline on Tuesday, with TDF Infrastructure and the University of Liverpool preparing to debut, despite a choppy primary market.

Gecina, the French real estate investment trust, issued its second euro bond of 2015 on Tuesday, and had to pay a chunky new issue premium and higher yield than last time.

Zhongrong International Trust became the first company from China’s trust industry to price an international bond this week, fighting a soft market backdrop to raise $225m.

The transaction that was supposed to open up the additional tier one market in South Korea ended up having the opposite effect last week as Woori Bank’s penny-pinching led to a heavy sell-off in secondary. Woori is unlikely to be damaged by the incident, but it needs to recognise that its actions have consequences for the rest of the market.

FIG issuers paid double-digit new issue concessions across the board in the dollar market this week as they were rocked by choppy market conditions.

Optimal Payments, the Isle of Man-based secure payments provider, has guided pricing on the financing for its acquisition of Skrill, before closing the deal, and replaced amortising loans with a bullet facility.

Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to a refinancing of some of its dollar debt.

Motability Operations Group, the UK provider of cars and powered wheelchairs for disabled people, drew a chunky order book for an eight year euro bond on Wednesday, using a generous new issue premium to offset difficult market conditions.

French oil and gas company Total launched a sterling deal on Tuesday, tapping the currency for the third time in two years — and for the first time since being downgraded by Fitch in February.

It has been an active week in the European private bespoke debt market, with Vroon agreeing a private placement while Hamburg Energienetze wrapped up a Schuldschein.