Citi

A five-year absence of real estate investment trust (Reit) IPOs in Hong Kong is set to come an end as China Merchants Commercial Real Estate Investment Trust readies a listing.

Two near-investment grade industrials made a splash in the high yield bond market on Monday, with both Smurfit Kappa and Thyssenkrupp getting their order books oversubscribed multiple times.

The investment grade corporate bond market appeared to be taking a more sedate pace this week compared to last week's stampede of new bond issues. There were three deals in the market on Monday, but the real action will begin once US borrowers and investors return from a public holiday on Tuesday, to be led by a deal from US conglomerate, Danaher.

Lendlease Global Commercial Real Estate Investment Trust, a Singapore Reit sponsored by its Australian parent Lendlease, started sounding out investors for its IPO on Monday.

Czech consumer finance company Home Credit has begun work with investors for its IPO of around $1bn on the Hong Kong Stock Exchange, testing investor appetite on Monday.

Issuance is starting to resume after the summer break; however, this week a booming public market drew away investor and issuer attention from MTNs. Despite this, a range of established SSA, FIG and corporate borrowers have slipped in, with deals across core, niche and EM currencies.

MEA-based waste management services provider Averda has amended and extended an existing term loan facility, garnering 70% oversubscription.

CK Hutchison Holdings has launched a takeout deal into syndication to replace a €10.4bn bridge loan raised by Wind Tre, an Italian company it acquired last year.

Europe’s corporate bond market has made a remarkably strong start to the autumn issuing season, with €14bn of euro and sterling issuance in the first two open days for issuance (Tuesday and Wednesday) and another €1.5bn on Thursday.

After two huge days of corporate bond issuance, Thursday was much quieter, with issues only from Vier Gas Transport and SBB Norden — not because the market was worse, but just because most of the issuers that wanted to come this week had crowded into the first two days.

Lenders unconcerned as recession portents mount — Booking Holdings gets global group for revolver — Pemberton raises €3.2bn more for Europe’s mid-market — Eurotorg re-enters rouble debt market

The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.