Citi

In a dramatic and unprecedented turn of events on Wednesday, Spain went from being on track to attract the biggest ever order book for a bond issue to losing more than half of its orders, as it slashed the spread of its new 10 year syndicated bond, leaving either a negative or very skinny new issue premium.

Singapore Airlines made its debut in the dollar bond market on Wednesday, raising funds for new aircraft purchase as the travel industry prepares for a rebound in the near future.

SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.

The high grade corporate bond market was again packed with deals on Wednesday, with syndicate bankers expecting no let-up in activity and the week to end on a bang.

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.