BNP Paribas

The breakneck speed of dollar corporate bond issuance continued this week, with lower rated investment grade borrowers dominating investors' attention as they came to the market to lock in attractive financing rates amid fears the credit rally may run out of steam.

Evidence is mounting that Enel’s $1.5bn sustainability-linked bond, issued last Thursday, introduced not just a new product, but a new market. In recent days the deal has generated intense interest, and Enel has committed to using the product extensively in future, writes Jon Hay.

KfW and the Asian Development Bank won huge praise from SSA bankers with rare 10 year dollar trades this week. The former issued the largest ever dollar green from a public sector borrower.

South Korean semiconductor manufacturer SK Hynix had to get over a number of hurdles for its $500m bond issuance, but a complicated price discovery process ended with the notes being in hot demand both in the primary and secondary markets. Addison Gong reports.

BMW Auto Finance (China) is planning a comeback to asset-backed notes on September 17, and will replicate the structure of its April debut in the market.

In the nervous last day before the European Central Bank's much-hyped monetary policy announcement on Thursday, only two corporate bond issuers brought deals. Both Orange, the French telecoms group, and Worldline, the French payments group carved out of Atos.

Investment grade corporate bond issuance has slowed right down on Wednesday, as issuers and investors are getting cautious before the European Central Bank monetary policy meeting on Thursday.

Investors chased South Korean semiconductor manufacturer SK Hynix’s $500m bonds both in the primary and secondary markets, even though the borrower pulled off one of the largest price reductions on a deal from the country.

Chinese issuers Country Garden Holdings Co, Guangxi Communications Investment Group Corp and Shuifa Group, all of which have investment-grade ratings, have sold well-supported dollar bonds to investors.

The sustainability-linked bond issued by Enel on Thursday opens a new chapter in the green finance market. Anyone tempted to think this will be a freak should think again. The idea is sure to catch on.

Corporate bond issuance in euros was busy again on Tuesday, with four deals, but they were moderately sized, so the total was nothing like Monday's haul of €6bn and £1.25bn.

KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.