Citi

Petroliam Nasional (Petronas) stunned the bond market this week with a $6bn deal that received $37bn of orders at its peak. The Malaysian oil and gas company had to navigate volatile oil prices, a ratings outlook change and the Covid-19 pandemic, writes Morgan Davis.

US banks ramped up reserves for credit losses, expanded credit lines and enjoyed bumper trading and debt underwriting volumes in the first quarter, according to results released on Tuesday and Wednesday.

Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).

High grade corporate bond investors piled into new deals again on Wednesday, with American Honda paying a lower than average new issue premium and Givaudan taking almost €18bn of orders for a dual tranche trade.

The Carlyle Group has raised Rp7.6bn ($100m) after selling most of its stake in Indian diagnostic laboratory chain Metropolis Healthcare, according to a source close to the deal.

Malaysian oil and gas company Petroliam Nasional (Petronas) made its mark on the dollar bond market on Tuesday, raising $6bn from a deal that received orders of $37bn at its peak. This was despite a ratings outlook change to negative this week and headwinds from the Covid-19 pandemic and volatile oil prices.

Yageo Corp, a Taiwan-based electronic components manufacturer, has raised $650m from an issue of global depositary shares (GDS), boosting the final offer size on strong institutional investor demand.

Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction.

RBC Capital Markets said it had hired Joe Sayers, a former Yorkshire county cricketer, as head of high yield and loan sales.

The World Bank made a swift return to the market on Tuesday as it prepares to sell a five year global sustainable development bond after updating investors on its plans to tackle the impact of the Covid-19 pandemic.

Malaysia's Petroliam Nasional and China's Lenovo Group set the stage for new dollar deals on Tuesday, taking advantage of a rally in Asian bonds and improved investor sentiment despite the growing impact of the Covid-19 coronavirus.

South Korea's Shinhan Bank raised $500m from a Formosa bond on Wednesday, taking advantage of the strong interest from Taiwanese investors for its transaction. The borrower paid just 20bp in new issue premium.