Citi

The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors.

Wizz Air proved on Wednesday that markets are open for even those debut emerging market issuers in affected sectors. The European airline raised a benchmark sized bond in its inaugural euro transaction.

The Sultanate of Oman's return to debt markets is proof to some that the market is wide open for high yielding emerging market issuers. The sovereign mandated banks for a dollar deal as investors, hunting for yield, appear undeterred by volatility in the US rates market.

Volvo Cars, the Chinese-owned Swedish auto maker, has refinanced its main bank revolver with a €1.3bn sustainability-linked revolving credit facility, as the borrower looks to become climate neutral by 2040.

State-owned electricity generator China Huaneng Group Co priced a dual-tranche $1bn bond on Tuesday, overcoming complications emerging from rising US Treasury rates and geopolitical concerns.

Banco BPM was unable to tighten through initial price thoughts for a new additional tier one on Tuesday, as it looked to maximise its regulatory allowance for the asset class.

Zurich Insurance Company attracted plenty of demand in dollars on Tuesday, as it sold first subordinated dollar trade in over two years — a deal that could fund its acquisition of Metropolitan Life’s US property and casual business.

The Republic of Benin on Tuesday launched a euro bond, its second entry into international markets since its debut in 2019. Bankers on the deal believe the bond is the beginning of a surge in sub-Saharan African issuance, with other sovereigns including South Africa and Nigeria also expected to enter the bond market in the coming months.

Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.

Taiwanese printed circuit board manufacturer Zhen Ding Technology Holding has broken a three absence from the loan market to launch a $250m deal for refinancing.

Aroundtown, the Frankfurt-listed property company, opened 2021’s corporate hybrid capital issuance on Monday. More subordinated deals are already being lined up.

A burst of mandates on Monday confirmed what many market participants had expected: a rise in emerging market corporate bond supply.