Barclays

India’s Tata Communications is to meet investors for what would be the borrower’s inaugural bond in the dollar market.

Abu Dhabi Commercial Bank returned to the dollar market on Tuesday and made a 50bp saving at the five year part of its curve. Middle Eastern spreads have come flying in over the past year and bankers said that the bond came at the tightest possible level.

Origin Energy, the Australian electricity and gas group that issued an innovative hybrid capital bond in euros in 2011, returned to the market on Monday with a much more conventional — and hence, in the present climate, crowd-pleasing instrument.

The heavy flow of European corporate bond issues that bankers have been predicting for September began in earnest today, showing that the market’s strength has been no idle boast. Investors swallowed five roadshowed deals in euros and sterling and Vodafone launched a two tranche issue without warning. All were gobbled down with ease.

The subordinated debt market for European financials was back in full swing with four deals out on Monday morning boosted by the European Central Bank's policy decisions made last week.

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For the first time this year the supply of covered bonds issued in currencies other than the euro led primary flows. Issuers in Australia, Canada and Norway launched benchmarks in dollars and sterling leaving euro issuance trailing.

A trio of issuers printed oversubscribed deals in dollars this week, including the Inter-American Development Bank’s largest ever dollar global. More borrowers are eyeing issuance in the currency given the impressive levels of demand on offer, although holidays next week will make windows of issuance few and far between.

The wave of acquisition financings kicked off this week as Marathon Petroleum exploited the recent sharp rally rates and caught investors in eager mood following the August lull.

European investment banks have managed to stem a decline in market share, making progress on capital and leverage targets, according to research from Deutsche Bank. The note, a outlook of the next 10 years in investment banking, also finds that a wide range of approaches means well-managed banks can prosper.

Mobile phone maker Xiaomi launched its $1bn dual tranche loan into general on Tuesday afternoon, following a successful senior phase during which 17 banks joined for the bookrunner and mandated lead arranger title.

Wednesday would have been the busiest day for European corporate bond issuance since the August break, even without Sanofi’s €3bn stormer.