Citi

Telefónica is no rare bond issuer, but remarkably, it has not issued a substantial euro senior bond for nearly a year, having sold a €1.75bn hybrid in March.

A burst of opportunistic corporate bond issues came to the European bond market on Tuesday, as issuers leapt on near-perfect market conditions after a very strong Monday, led by GDF Suez’s €2.5bn green bond issue.

The senior market experienced an explosion of activity on Tuesday following a quiet opening to the week, with three issuers taking to the belly of the curve to sell euro denominated deals. The five year area of the curve is expected to see more activity later in the week, as investors abandon the short end in search of yield.

Maoye International Holdings priced its debut dollar bond on Monday, its third attempt to sell an international deal. With the right timing and careful guidance by dealers, the bond crossed the line with orders of $1.1bn for the $300m offering.

Prospective borrower Investment Corporation of Dubai will issue both sukuk and conventional bonds as part of its dollar offering, according to one investor who attended the company’s roadshow.

Montenegro has released price guidance for its new euro denominated five year bond at high 5%, which bankers away from the deal called "fair to generous". A minimum yield of 5.5% was set for the new issue last week.

Croatia has mandated Deutsche Bank, JP Morgan, Société Générale and Banca IMI to arrange a euro dominated bond.

Maoye International Holdings has returned to the dollar bond market, two months after failing to price its debut CNH deal. The borrower also attempted to price a dollar bond last year but launching just weeks before the taper tantrum started meant that the deal was not completed. However, bankers are confident that investors are comfortable with the credit and that the new deal will price tonight.

Nearly 80% of investors holding Brazilian pulp producer Fibria Celulose’s 2021 bonds have agreed to sell the notes back to the company as the company continues its attempts to become fully investment grade.

The UK bank has been voted the leading service provider in the offshore renminbi space for the third year running, according to voters in our latest poll.

Israeli Delek & Avner’s $2bn five tranche bond has tightened since pricing on Thursday evening — a further 20bp on the longer tranches and 26bp on the shorter.

Logan Property Holdings is meeting fixed income investors next week in Hong Kong and Singapore.