Citi

US Treasuries rallied even further this week, leaving many market participants scratching their heads – but corporate borrowers did not waste the opportunity.

Two corporate bonds were issued in Europe on Tuesday and, unusually, both were 12 year euro bonds from single-A issuers – French property company Unibail-Rodamco and Energie Baden-Württemberg, the German power generator. Both were also priced at 72bp over mid-swaps.

Huntsman International, a chemicals manufacturer listed in New York, is set to sell a €100m tap of its 5.125% senior notes due 2021.

Smurfit Kappa, the Irish packaging business, is due to price €500m of senior notes today, as it continues to replace secured debt with unsecured.

Alstom Auxiliary Components has set tranche sizes for a €430m-equivalent loan, which will finance its purchase from Alstom by private equity fund Triton.

Syndicate Bank made a return to the dollar market with a 5.5 year Reg S issue on Wednesday. The borrower is the first Indian name to appear in international markets after the Narendra Modi-led Bharatiya Janata Party (BJP) landed a sweeping victory in the Indian elections on May 16.

Turkish Halkbank has released price guidance for a five year senior unsecured bond that equates to a new issue premium of 5bp-10bp, according to a lead manager on the deal.

Yury Kiselev, Citi’s head of local debt capital markets in Russia, has left the bank. Kiselev had been hired by Citi in July last year as a vice president to build out Citi's Russian domestic bonds business.

Logan Property Holdings printed its inaugural international issue, a five year non call three dollar bond, on Tuesday. Dealers brought the high yield borrower to the market after seeing fewer headwinds against Chinese property.

Citi’s former head of equity syndicate for Asia Pacific ex Japan, Rupert Mitchell, has started work in his new job at Goldman Sachs this week, a spokesperson confirmed.

The Province of Buenos Aires is expected to announce a bond mandate shortly after Moody’s and Standard & Poor’s granted the bond to be Caa2/CCC+ ratings.

Two corporate bonds were issued in Europe today, and, unusually, both were 12 year euro bonds from single-A rated issuers. Both were also priced at 72bp over mid-swaps.