Citi

Nordic Investment Bank funding officials considered printing its $1bn bond this week inside its curve before deciding against the ruse in order to support secondary trading, with Japan Bank of International Co-operation next in line to test the vast demand for five year dollar bonds.

Switzerland’s Transocean has amended its bank revolving credit facility to increase the size to $1.36bn, with the fallen angel offshore contract drilling services provider keeping an additional $140m in the wings on the undrawn facility.

Menswear clothing company Mulsanne Group Holding has kickstarted bookbuilding for its listing on the Hong Kong Stock Exchange.

The UK Debt Management Office (DMO) started its 2019/20 funding year with a bang on Tuesday, selling a six and a half times subscribed issue.

Trade war concerns and US title insurer Fidelity National Information Service’s eight tranche €6.44bn equivalent deal crowded out issuers from the corporate euro investment grade market on Tuesday, bankers and investors said. But several are hopeful that deal flow could pick up later in the week.

The World Bank sold its first 10 year euro benchmark since 2009 on Tuesday, with the supranational going slightly through its own curve on its return, according to onlooking SSA bankers.

The Nordic Investment Bank’s $1bn no-grow five year passed easily through the market on Tuesday. Syndicate bankers away from the trade said the market is so receptive that any top tier dollar trade at that maturity is going to succeed.

Baxter International, the US medical equipment company, chose the euro market on Friday for its first bond issue of any kind for two years. The €1.5bn deal followed another euro issue in 2017. Not since 2016 has Baxter issued in dollars.

Dollars burst into life on Monday with Nordic Investment Bank (NIB) and FMO opening books, as bankers away from the deals point to the ‘EIB effect’ in making the market too hot to resist.

City of Paris mandated banks on Monday for a new 20 year bond that will extend its curve to 2039.

A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

Arabian Centres Company (ACC), the owner and operator of Saudi retail malls, has priced its IPO at the bottom of its original range, winning local support for one of the largest deals from the Kingdom in years.