BNP Paribas

Delachaux - Co-op Pharmacy - Corialis - Averys - HSE24 - WMF - Cheminova

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.

The investment grade market was a story of the haves and have-nots as investors showed signs of fatigue amid a deluge of supply.

Petron ups loan to $475m — PFC closes $250m — UAF gets HK$825m

Pelindo III eyes maiden dollar bond — Indonesia's MPM seeks debut — Tata Comms looks to tackle dollar inaugural — FWD picks five for roadshows — IFC mandates three for dim sum — Honghua seeks international debut

HSE24, the German shopping television channel, is marketing a €314m loan to refinance debt and pay a €94m dividend to its sponsor, Providence Equity.

Averys, the French industrial shelving supplier, marketed its €165m refinancing loan at a bank meeting in London today.

Philippine oil refining company Petron Corp has closed its fundraising at $475m, higher than the launch size of $300m, with 17 lenders joining during general syndication.

Hedge funds and some real money desks were seen setting up bullish positions using credit options in iTraxx indices ahead of the European Central Bank meeting on Sept. 4 and unwinding them to a profit not long afterwards, according to credit analysts.

Turkish home appliances and consumer electronics company Arcelik has launched on Tuesday the first ever sub-investment grade emerging market euro deal with no high yield covenants. The note was priced flat to the company's dollar curve and books for the €350m deal were over €900m.

The heavy flow of European corporate bond issues that bankers have been predicting for September began in earnest today, showing that the market’s strength has been no idle boast. Investors swallowed five roadshowed deals in euros and sterling and Vodafone launched a two tranche issue without warning. All were gobbled down with ease.

Macquarie and Zurich Insurance kicked off what is expected to be a busy week for senior issuance on Monday as issuers looked to take advantage of positive sentiment following last week's European Central Bank meeting. Zurich was able to draw together a comfortably oversubscribed book, while Macquarie printed with only a small new issue premium compared to secondary paper.