Citi

Chinese property company Agile Group Holdings raised $300m from its Wednesday bond sale, but found less investor support than excepted.

Europe’s high grade corporate issuers secured another day of bulging order books on Wednesday, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.

The Republic of Turkey on Tuesday raised a five year dollar bond that priced slightly outside of some fair value estimations. However, despite a series of negative events in recent months, including currency depreciation, investors are still keen on getting stuck into Turkish debt, investors say.

Europe’s investment grade corporate bond market is lining up more mandates, with German companies making up the bulk of new deals announced on Tuesday.

Eni, the Italian oil and gas company, got blowout demand for its debut hybrid capital issue on Tuesday, as yield-hungry investors pumped about €14bn of orders into the dual tranche trade.

The Republic of Turkey hit screens on Tuesday with a dollar bond issue, which took some investors by surprise. Though Turkey may have had a rocky few months with credit downgrades and currency depreciation, the bond is expected to be received well by investors.

Rolls-Royce started marketing the bond leg of a multi-product recapitalisation and refinancing package on Monday, preparing an offering of more than £1bn-equivalent across three currencies.

State-owned Kuwait Petroleum Company has raised a syndicated loan from local lenders worth $3.27bn equivalent. The deal is one of the few major financings to take place in the Middle East during the coronavirus pandemic, and comes at a time when Kuwait faces critical economic challenges.

Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.

A trio of firsts are coming to the high grade corporate bond market this week, with a debut hybrid from Italian oil and gas firm Eni, a green first for French chemicals company Arkema and a postponed entry to the Eurobond market for Danish pharmaceutical firm Lundbeck.

Brookfield Asset Management is readying the IPO of its Indian real estate investment trust, which could raise up to Rp38bn ($519m) in primary proceeds.

A record month for US mergers and acquisitions will fail to boost the dollar corporate bond market, as bankers predict a sharp slowdown in activity in the fourth quarter.