BNP Paribas

Nederlandse Gasunie, the Dutch natural gas infrastructure company, is looking to print a fresh 12 year euro benchmark bond as early as Thursday, as it wraps up a tender offer for €1bn of older notes.

Three borrowers from the Middle East came to market on Tuesday, raising a combined $3.35bn from five tranches across the curve. The deals come on top of a period of heavy supply, including Abu Dhabi’s $10bn triple trancher on Monday.

Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day.

Morrisons, the UK grocer, was praised on Tuesday for a 12 year sterling bond issue, which impressed bankers off the deal.

On Tuesday the Loan Market Association held its annual syndicated loans conference, where heads of loan syndications reflected on a year of gloomy headline figures — but some promising sub-headers.

Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.

Infrequent issuer Henkel made a decent return to the bond market in a dual tranche intraday transaction on Monday, with the chemical and consumer goods company shrugging off concerns about its longer duration tranche to print £750m.

French agency SNCF Réseau steamed on to screens on Tuesday with initial pricing thoughts for a tap of its December 2047 green bond.

Abu Dhabi printed a huge $10bn bond on Monday with no roadshow and a 30 year tranche that was 20bp tighter in spread than its last bond of the same maturity printed in 2017. But though the deal seems to have been triumphant for Abu Dhabi, the notes were around 2bp wider on Wednesday and investors are fretting that large EM supply is causing some indigestion in the market.

Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.

Strong investor appetite for Thai bank capital deals helped Kasikornbank beat expectations with its $800m Basel III-compliant tier two bond.

Budweiser Brewing Company Apac has raised HK$39.2bn ($5bn) after pricing its IPO at the bottom of guidance, and partially using an increase option. It was the company’s second attempt at listing in Hong Kong.