BNP Paribas

The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.

The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that amazed bankers away from the trade.

The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.

Shares in ContourGlobal, the emerging markets-focused power producer, managed to stay above their IPO price all day on Thursday after they began trading on the London Stock Exchange.

The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.

If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.

ICBC Financial Leasing Co raised $950m from a dual-tranche transaction on Wednesday, as it focused on extending its maturity profile. But its 10 year struggled to gain traction, against a backdrop of falling 10 year US Treasury yields.

BNP Paribas followed Société Générale into the senior non-preferred market on Thursday, fresh from issuing a blowout $750m additional tier one (AT1) earlier in the week.

Bookrunners on China Development Bank Corp’s debut international green bond have released price guidance for a dual-tranche transaction featuring dollars and euros.

The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.

Manchester Airport Group announced itself in the sterling corporate bond market with two deals in two months in 2014. It returned to the market on Wednesday with a print tighter than its two better known rivals.

Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.