BNP Paribas

BP received a warm welcome on its return to the Swiss franc bond market after a five year absence on Tuesday. Demand proved plentiful for the UK oil company's Sfr500m dual tranche issue, even though falling interest rates left its yield looking meagre.

Chinese genomics company BGI plans a $400m IPO before the end of the year and Malaysian Icon Offshore mandates three banks for $137m debut in the first half.

BP Capital Markets has announced guidance on a five year offshore renminbi transaction, returning to the dim sum market for the third time since its first bond in 2011.

The Brazil sovereign has mandated for fixed income investor meetings, having seen Odebrecht Oil & Gas (OOG) re-open the LatAm dollar bond market in emphatic style on Thursday. The Odebrecht deal broke a new issue drought from the region that had lasted since January 31.

Commodities companies are keeping loans bankers busy in western Europe, as UK broker ED&F Man joined Amsterdam Commodities and Trafigura in the market.

Darty Financements made its bond debut in Europe's near-empty high yield market this week.

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Corporate bond issuance is set to get busier again in Europe next week, bankers say, with a drive-by deal also possible on Friday.

Covered bond spreads are so tight that there is almost no scope for secondary performance, bankers have warned. “Core markets are in a zone of low oxygen,” one said on Tuesday, as KBC Bank priced a deal within a few basis points of Landesbank Hessen-Thüringen and Deutsche Kreditbank.

ThyssenKrupp sold a €1.25bn 5.7 year bond on Wednesday. The investment grade-style deal had a 15bp-20bp new issue premium and performed in the aftermarket, suggesting strong demand for crossover credit.

The covered bond primary market lived up to supply expectations this week with five issuers tapping the market in the first two days of the week. BNP Paribas stood out, showing the strength of its brand, and the market, by pricing the tightest French covered bond deal of the year.

The US investment grade corporate bond market sprang back to life this week as four big issuers hit the market in quick succession on Thursday, after multi-billion dollar deals from Novartis and Comcast earlier in the week.