Citi

Europe’s high grade corporate bond market maintained its steady flow of new issues on Wednesday, with Infineon Technologies heading into the euro market for a dual tranche hybrid, while BMW drove by in sterling and more names populated the pipeline.

The Republic of Kazakhstan has impressively tightened initial price thoughts for a euro dual tranche seven and 15 year bond, but rivals are saying that the issuer started very wide. Bankers on the deal disagree.

Islamic Development Bank on Wednesday priced a five year sukuk bond, coming to market alongside Samba, a Saudi Arabia based bank. The deals are the latest in a flood of Middle East issuance that has raised $13.35bn this week alone.

Three borrowers from the Middle East came to market on Tuesday, raising a combined $3.35bn from five tranches across the curve. The deals come on top of a period of heavy supply, including Abu Dhabi’s $10bn triple trancher on Monday.

Nordgold, a gold mining company with assets in Russia, Kazakhstan, Burkina Faso, Guinea and Canada, has mandated banks for its first bond in more than six years.

KEB Hana Bank visited the offshore market on Tuesday for the third time this year, raising $400m from a floating rate note.

Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day.

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.