Citi

Reed Elsevier has issued a €600m 10 year bond through a US financing vehicle in an SEC-registered, New York-listed format, after considering issuing in either euros or dollars.

Swedbank returned to covered bonds on Wednesday for its third funding exercise of the year, deciding to launch in Reg S format for its first dollar benchmark of the year instead of using its 144A programme. The decision came as the euro rates markets suffered a further bout of intraday volatility following last week’s instability.

Votorantim Cimentos on Thursday morning opened books on the first international Brazilian deal since a Petrobras corruption scandal in November. But the euro denominated reopener struggled in a rotten primary market and was unable to move pricing.

The year’s first bank capital deal from China ended with a bang as China Construction Bank (CCB) took full advantage of pent-up demand to print a jumbo $2bn tier two offering. The largest Reg S only tier two from China was not only impressive for its size but also because it was able to achieve a record low spread.

China National Petroleum Corp (CNPC)’s subsidiary Kunlun Energy Co successfully completed its inaugural dollar offering on May 6, continuing the success of Chinese gas and oil firms in the international debt market.

Far East Horizon has been at the centre of its second selldown in less than a month, with KKR offloading shares via a HK$1.54bn ($199m) block trade on the evening of May 4. While there were plenty of orders, they were small in size because of the Hong Kong-listed stock’s recent run-up in value.

Shinsegae Group wrapped up a stylish debut on May 5, printing a 30 year non-call five hybrid in its first appearance in the offshore bond market. The company made a substantial saving over where it could fund in the domestic market but investors were pleased with the pick-up offered over guarantor Kookmin Bank.

China Merchants Bank (CMB) New York branch opened books on May 7 to a $500m three year bond, which will be the issuer's first outing in the international debt market. Bankers on the deal hope to see huge demand for China Construction Bank’s bank capital trade spill over to CMB New York's issue.

There may have been no tequila at the roadshow but investors piled into Jose Cuervo’s inaugural international bond issue on Wednesday as Mexican companies continue to enjoy heady conditions in capital markets.

Titanium, fluoroproducts and chemical solutions business Chemours sold $2.5bn of senior unsecured notes on Tuesday, proceeds of which will go to its parent, DuPont, in the form of a dividend.

Sweden priced an oversubscribed $2.25bn three year on Wednesday while a German state attracted strong demand to its debut in the currency.

Kunlun Energy Company, a subsidiary of China National Petroleum Corp (CNPC), opened books to a 144A/Reg S dual tranche dollar bond split between five and 10 year deals.