Citi

La Banque Postale and Société Générale took advantage of favourable conditions in the financial institutions bond market on Monday to launch non-preferred senior deals in euros and make progress towards completing their 2020 funding plans.

Three European companies, one of them a high yield issuer, jumped into the corporate bond market on Friday, the first to test the waters after the European Central Bank's promise the previous day to top them up with another €600bn of liquidity through its Pandemic Emergency Purchase Programme (Pepp). They found overwhelming demand, leading to fast sales, an increase and deeply negative new issue premiums.

The European Commission's latest bond led to the issuer’s curve tightening — a good omen, given it is the first since the issuer announced its steeper funding requirement.

Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.

Thailand’s PTT Exploration and Production Public Co (PTTEP) found strong support for its $500m seven year bond on Thursday, despite an aggressive price tightening during bookbuilding.

Chinese online game developer NetEase has raised HK$21.1bn ($2.7bn) from its secondary offering in Hong Kong, riding on strong investor support for its listing, according to a senior banker on the deal.

Singapore Telecommunications (Singtel) raised $750m on Wednesday from its annual bond outing.

Chinese online game developer NetEase had covered its HK$21.6bn ($2.8bn) secondary listing in Hong Kong multiple times over by the time GlobalCapital Asia went to press on Thursday. Investors have long awaited the company’s return from the US, pumping in orders as markets rallied despite numerous geopolitical headlines. Jonathan Breen reports.

Estonia returned to the capital markets on Wednesday after 18 years away, introducing itself to a new set of investors as an SSA borrower.

Italy once again asserted its market access on Wednesday, raising a staggering €14bn — its biggest single tranche bond ever. The new issue was timed just ahead of Thursday’s ECB meeting, at which the governing council is expected to expand its Pandemic Emergency Purchase Programme (Pepp).

French food company Danone led the pack in a strong day for vanilla corporate bond issuance in Europe, with an €800m deal, as some syndicate bankers say recent borrowers are looking to return to the market soon to take advantage of tightening spreads.

Greentown Service Group, a Chinese property manager, pocketed HK$2.71bn ($350.2m) on Tuesday after increasing the size of a primary share placement.