BNP Paribas

Covered bonds issued this week from Lloyds and Bank of Nova Scotia were among the largest seen this year and attracted the biggest order books.

Compagnie Générale de Géophysique, the French geological surveying company, has launched a three-for-one rights issue to raise €350m, as it struggles with its $2.5bn net debt burden as oil companies cut back on exploration.

Plans to create a new tier of debt in France has put minds at ease about the status of existing senior bonds, bolstering their performance and clearing the way for what could be a very busy year for French banks.

The Iberian Peninsula was host to a duo of barnstorming sovereign benchmarks this week, but there was no consensus among bankers over whether they signified an appetite for sovereigns at the lower end of the European credit quality spectrum.

Euro issuance had been subdued this week, with issuers reluctant to clash with AB InBev's $46bn deal, but it picked up hours before the brewer's launch on Wednesday.

A series of oversubscribed deals among core issuers could encourage Austria to seek a print in the current market.

A trio of Spanish issuers launched the first covered bonds of the year from southern Europe this week but, with peripheral spreads widening sharply, conditions are not conducive to further supply.

Korea Midland Power Co (Komipo) bagged $300m from new 5.5 year notes that were four times subscribed on January 13. The Aa2/AA-/AA- rated borrower offered investors something of a safe haven play amid the recent volatility, with strong demand allowing the issuer to print the new bond with little premium.

LGC, the UK life sciences company, has set price talk on its £500m debt package backing its acquisition by KKR from Bridgepoint after holding bank meetings January 13.

Belgium has scored the second bumper sovereign trade of the week, building one of its largest books in several years to print a 10 year euro benchmark that enjoyed strong participation from beyond Europe.

Banque Fédérative du Crédit Mutuel has come to market with 2016's largest medium term note (MTN) so far.

The Asia ex-Japan debt capital market was crowded with dollar issuers on January 13, with two investment grade bonds and two high yield notes opening in the morning.