BNP Paribas

Spanish travel systems company Amadeus IT Holding priced a €400m three year bond on Tuesday. Demand was strong, with the no-grow transaction nearly six times oversubscribed.

Korea East-West Power Co (EWP) provided a strong end to what has been a mixed year for Korean credits, selling a $500m 5.5 year bond on November 24. Investors thronged to the quasi-sovereign, which benefits from favourable government policies, at one point helping the order book reach eight times subscribed.

Italian gas distributor 2i Rete Gas issued a €540m long five year bond on Friday, to rebalance the proportion of bank loans and capital markets instruments in its debt profile.

Eneco, the Dutch gas, electricity and heating producer and supplier, issued a €500m hybrid bond last Friday. Demand for the perpetual non-call seven year issue was strong, despite competing issuance, volatility on Thursday and uncertainty around a Dutch unbundling law that could affect the sector.

CGN Power is on track to be Hong Kong’s biggest IPO in 2014 as investors jostled for a piece of China’s largest nuclear energy producer, with institutional books already multiple times subscribed on day one of bookbuilding.

Maple Leaf Educational Systems priced its IPO near the top of the range to raise HK$1.11bn ($142.57m), in a deal which saw massive interest from retail investors tip the scale in their favour.

Thursday was a busy day for European investment grade corporate bonds, with €4.9bn issued in euros and sterling. But with a great deal of diversity of issuers, maturities and currencies, the market had more appetite for some than for others.

Wienerberger, the world’s largest brick maker, has replaced two lines of credit with a €400m five year revolver.

Fluxys Belgium, the gas transmission system operator, priced a €250m 15 year bond on Thursday, but demand for longer dated unrated paper was so strong that the company decided to add a €100m 20 year tranche in response to reverse enquiry.

Tata Motors, which mandated DBS, Standard Chartered and State Bank of India for a $250m seven year new money deal, may opt not to do the loan at all, following the success of a $750m dual tranche bond it priced in October.

Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.

Two US blue chips issued a combined €4.8bn of bonds a day apart this week, demonstrating the euro market's attractiveness to US issuers and its capacity to absorb large amounts of paper. Bankers expect more US companies to dive in soon, while the swap market remains favourable.