BNP Paribas

US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.

As the first non-German bank in the eurozone to price a €1bn covered bond in over a month, OP Mortgage Bank was perhaps overly careful with its initial approach to pricing. But the plan paid off.

Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.

German card payments firm Concardis this week increased the term loan backing Advent International and Bain Capital’s buyout of the firm to €300m, reducing price guidance in the process, in a market still waiting on larger buyouts such as Cerba Healthcare to be syndicated.

The European high yield bond market has rebooted after a February in which US firms dominated sales, with so many local issuers now coming forward that high yield bankers have started worrying that March could be overcrowded if the entire deal pipeline materialises.

Kuwait National Petroleum (KNP) is in talks with 10 banks over a loan to fund its expansion plans.

The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.

Travel services provider Hotelbeds has increased its €172.5m term loan add-on to €200m, also cutting the margin guidance from 625bp to 500bp with a 0% floor.

US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.

French pharmaceuticals firm Ethypharm increased the sterling tranche in its term loan package on Tuesday, as it seeks to acquire UK-based Martindale Pharma.

China Development Bank became the latest name to take advantage of a liquidity-abundant market, snapping up $3bn-equivalent from three floating rate tranches in two currencies — in one of the largest FRN trades out of Asia.

Moody’s has downgraded its outlook for B3/B rated Croatian food retailer and manufacturer Agrokor to negative from stable as the company’s credit quality comes under siege.