Citi

Aviva is considering an extra tranche of subordinated debt even longer than the 30.5 year non-call 10.5 it has already hired banks to sell, while a Norwegian insurer has also mandated in euros.

Public sector issuers underlined the strength of demand in the dollar market this week as issuers were able to get benchmarks away despite volatility in US Treasuries.

Industrial and Commercial Bank of China (ICBC)’s Singapore branch showed that good deals can come in pair, when it sold a $400m three year deal on May 19. That trade priced just one day after its Dubai branch made a successful debut in the international bond market.

Despite last week’s high profile and galling cancellations of two IPOs, new flotations continue to move toward Europe’s equity market, and investors are showing plenty of appetite for deals they like.

A burst of block trades hit the European market today, most of which met eager demand, starting with a daytime deal to raise new capital for DCC, the Irish sales, marketing and distribution group, which is buying a French fuel business from Shell.

Illinois Tool Works, the US machinery and components maker, issued its third euro bond on Tuesday, taking what bankers away from the deal judged a “conservative” approach by selling eight and 15 year tranches.

The public sector dollar bond pipeline for Wednesday is filling up, with a series of issuers set to follow a three year dollar benchmark from the European Investment Bank on Tuesday.

Two shareholders in Spain’s Distribuidora Internacional de Alimentación (DIA) have exited the supermarket chain in a €408.5m block trade.

Hyundai Innocean and Mirae Asset Life Insurance have passed their respective listing hearings with the Korean regulator, adding a dash of excitement to what has been a quiet period in Korea’s IPO market so far this year.

Industrial and Commercial Bank of China (ICBC)’s Dubai branch wrapped up a stylish debut on May 18, selling a $500m five year bond. Encouraged by its success, ICBC Singapore opened books for a three year dollar bond the very next day.

China’s beleaguered real estate players are starting to find favour again with equity investors, with CIFI Holdings and Greenland Hong Kong Holdings raising HK$1.32bn ($170m) and HK$1.70bn, respectively, from top-up placements.

Beijing State-owned Assets Management (BSAM) successfully printed its first international bond on May 18 on the back of strong demand. Investors piled in to get their hands on a Beijing-linked state-owned entity.