Citi

Spain enjoyed enormous demand for a 10 year syndicated bond on Tuesday, with an order book which was almost double the previous record for a single tranche euro public sector benchmark. Bankers away from the deal said investors were attracted by the big new issue premium on offer.

Italian-American car company Fiat Chrysler has drawn down on its €6.25bn revolving credit facility to shore up its finances during the Covid-19 pandemic, though the company has left a new bridge loan untouched.

The Republic of Hungary has mandated a consortium of banks to lead a dual tranche bond issue in euros. The government's debt management body has increased its foreign currency issuance limits as a result of the spread of Covid-19.

Hansoh Pharmaceutical Group, a China-based drug maker, has pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares.

Asian Development Bank (ADB) and Agence Francaise de Developpement (AFD) hit the market for dollar paper on Tuesday, with the Manila-based supra going for five years and the French agency opting for three years.

Any concerns over Italy’s market access were vanquished on Tuesday when the sovereign received €110bn of orders for a dual tranche bond syndication, allowing it to raise €16bn as it makes inroads into its enlarged funding task in response to the coronavirus pandemic.

Switzerland’s Firmenich and Australia’s APA Group have mandated banks to arrange fixed income investor meetings, with both companies looking to recapture the magic of compatriot issuers in recent weeks.

The Export-Import Bank of Korea jumped on the floating rate note bandwagon on Monday, raising $700m from the market. It also added a euro tranche with a green label to its transaction.

CPPIB Capital, the Canada Pension Plan Investment Board, dived into the long end of the sterling bond market on Monday for a bumper follow-up to January’s jumbo debut.

Agence Française de Développement (AFD) will tap the dollar market this week to become the latest public sector borrower to print a bond in response to the coronavirus pandemic.

Europe’s high grade corporate issuers began the week deploying their recent tactic of tightening spreads aggressively during bookbuilding from cheap starting points, with Elia Transmission Belgium ratcheting in its spread by 60bp from initial price thoughts.

Tesco, the UK grocer, found the queues for its sterling bond issue on Monday were almost as long as those for its toilet roll. Pent-up demand for sterling debt meant its £450m trade was more than eight times oversubscribed and priced through higher rated comparable debt.