BNP Paribas

Chinese online retailer of luxury goods Secoo Holding priced its $110.5m listing of American Depository Shares on Thursday, finding favour among investors thanks to an attractive discount.

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.

Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.

Three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday using different tenors to raise a combined €1.06bn.

Spanish gas distribution company NorteGas Energía Distribución was the only investment grade corporate bond issuer in the euro corporate bond market on Thursday. Its debut deal was a €1.3bn five year and 10 year dual tranche offering with order books totalling €5.4bn.

The MiFID II deadline stands. Firms who don't prepare to meet it won’t receive any grace or favour, the FCA has said. But the tough deadline of January 3, and continued lack of regulatory clarity, means firms that show they've done all they can should escape the worst effects.

Autostrade per l’Italia, the Italian toll road operator, on Monday printed a €700m 12 year deal to finance a tender offer for up to €650m shorter dated bonds.

The Bank of England Monetary Policy Committee meeting last week created a midweek pause in sterling issuance. However, once the meeting passed, Land Securities reopened the market with a £1bn pair of long dated tranches last Friday.

Asklepios Kliniken, a German chain of hospitals, launched a €300m triple tranche Schuldschein on Wednesday with pricing that could tempt a wide variety of lenders.

Slovenia tapped two euro bonds for €700m this week to exchange investors out of some of its dollar debt, in a move that bankers said shows the issuer is one of Europe’s most astute borrowers.

Aside from the leveraged deals for Stada and Miller Homes, three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday. The three issuers all used different tenors to raise a combined €1.06bn.

Ukraine made a barnstorming return to the international bond market this week and extended its curve to 15 years, though the new deal has slipped below reoffer in the secondary market.