Citi

Chinese provincial government-owned Guangzhou Industrial Investment Fund Management Co (Sfund) saw a 14 times covered order book for its return to dollar bonds, while Yunnan Metropolitan Construction Investment Group Co was able to hit its $800m size target.

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

Europe’s most prolific corporate bond issuer re-entered the market on Monday for its second multi-tranche deal of the year, and issued €2.75bn, slightly more than at its €2.5bn outing in January. The book for Volkswagen Financial Services’ three tranche issue was somewhat smaller this time, however.

Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.

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Romania printed a €3bn triple trancher this week, the country’s largest ever euro deal, with one of the three tranches also being the longest ever euro bond from the country.

State oil company Saudi Aramco is expected to tap the bond market in the next fortnight for a deal that could be anywhere in the region of $7bn-$15bn, according to bankers in the region away from the deal. Estimates of the premium Aramco will have to pay over the Kingdom of Saudi Arabia curve is being discussed as negative to plus 15bp, depending on the size of the deal.

Klabin, the Brazilian pulp and paper company, returned to bond markets on Wednesday, taking advantage of a flattening yield curve to issue its first long bond, despite a bad day for Brazilian assets.

Telecoms company Cable & Wireless, which operates mostly in the Caribbean, added $300m to its longest dated bond on Wednesday in a deal that received strong backing from US high yield buyers.

Total, the French oil company, issued a €1.5bn hybrid capital bond on Wednesday, at the same time as launching a tender offer to buy back some of its €2.5bn call February 2021 and €1.75bn call May 2022 hybrids.

Romania has released initial price guidance for its euro triple tranche bond, a deal which is expected to total over €2bn and includes the sovereign’s first ever euro 30 year bond.

Japan’s securities market supervisor has called for Citigroup to be fined for market manipulation of the country’s government bond futures. The trader in question has now left the bank as a result of the episode.