Citi

Nasdaq-listed Chinese company Pinduoduo has printed its debut convertible bond at the tight end of price guidance, pocketing $875m.

Investors ploughed into Lendlease Global Real Estate Investment Trust’s S$740.3m ($538.1m) IPO in Singapore, attracted to the potential yields on offer amid a low interest rate environment.

Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.

The US’s Thermo Fisher Scientific had a barnstorming outing in the euro bond market on Tuesday, raising hopes that fears of an oversaturated market were overblown.

Abu Dhabi printed a huge $10bn bond on Monday with no roadshow and a 30 year tranche that was 20bp tighter in spread than its last bond of the same maturity printed in 2017. But though the deal seems to have been triumphant for Abu Dhabi, the notes were around 2bp wider on Wednesday and investors are fretting that large EM supply is causing some indigestion in the market.

BBVA launched a senior non-preferred bond in the euro market this week as activity slowed after a busy period for new FIG issuance. The €1bn trade attracted orders of €1.8bn and gave investors a small new issue premium, according to a syndicate banker.

Bankers brought a flood of Middle East bond supply to market on Tuesday, with four separate issuers — the Kingdom of Bahrain, DP World, National Bank of Fujairah and Islamic Development Bank — all announcing guidance for deals. The notes follow an already heavy week of supply from the Gulf, with Abu Dhabi having printed a $10bn triple trancher on the same day.

South Africa made its largest ever trip to capital markets on Monday, raising $5bn across two tranches. However, the size may have been too ambitious as the bonds suffered early in the secondary market. Although they have since recovered, some investors may be deterred from jumping into the rest of the week’s slew of deals.

Strong investor appetite for Thai bank capital deals helped Kasikornbank beat expectations with its $800m Basel III-compliant tier two bond.

Budweiser Brewing Company Apac has raised HK$39.2bn ($5bn) after pricing its IPO at the bottom of guidance, and partially using an increase option. It was the company’s second attempt at listing in Hong Kong.

The Province of British Columbia has weathered volatility from the fallout of last week's meeting of the US Federal Reserve to return to the dollar market for the first time in four years. Another rare SSA issuer, IDB Invest, also plans a return to the dollar market, with investor calls set up for this week ahead of its five year debut.

ITV, the UK television company, expects to buy back about €506m of its 2022 and 2023 bonds in a tender offer, days after pricing fresh bonds.