Citi

High grade companies stormed the European bond market with an array of tranches on Wednesday, and investors snapped up the trades, despite it being so late in the year.

Immobiliare Grande Distribuzione, a crossover-rated Italian property company, brought a sub-benchmark five year bond on Wednesday and shaved 25bp off the spread during execution.

The euro corporate bond new issue market was full of smaller deals on Tuesday, for Japan Tobacco, Hitachi and Naturgy, but investors were preparing for the onslaught of jumbo transactions which they knew were coming on Wednesday and Thursday.

Industrials company Mytilineos is trekking around Europe, marketing half a billion euros of senior notes. This marks the first time the Greek conglomerate tries to tempt international high yield investors, possibly signalling growing global ambitions.

Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.

Ageas is offering to purchase FRESH securities — a series of legacy capital instruments — from its investors, in a bid to improve its capital structure. The Belgian insurance company intends to replace the notes with a new restricted tier one bond in euros.

Japan Tobacco and Yorkshire Water have given mandates for new euro and sterling bonds, respectively, as S&P Global says the amount of European corporate debt it rates has grown to €6.44tr.

Three companies piled into the euro bond market on Monday, but the deals drew mixed reactions. Two standard investment grade issues from LafargeHolcim and Ford Motor Credit appeared to fare better than a rare green hybrid from Citycon paying a juicy yield.

Citi has named Ken Chow and Udhay Furtado as co-heads of Asia equity capital markets, according to an internal memo seen by GlobalCapital Asia.

CDP Holdings, a human capital management firm, is planning to list American Depository Shares on the New York Stock Exchange to raise up to $125m.

Alibaba Group Holding has fixed the price for the retail portion of its secondary listing in Hong Kong after launching the deal without a marketing range, according to an announcement by the company.

Goldman Sachs set the lowest coupon of 2019 on a new preferred deal in the institutional bond market this week, while BNP Paribas buried the memory of its troubled dollar trade in January with a storming come-back.