Commerzbank

Agricultural products supplier Olam International has secured a 364 day bridge loan worth $2.22bn, managing to increase it from the $1.5bn target it had approached lenders with. Despite the low starting all-in pricing in the sub 100bp over dollar Libor area, bankers were not put off thanks to the company being the acquisition target of Temasek Holdings.

German information technology company QSC has placed a €150m debut promissory note through Commerzbank.

China Construction Bank (CCB) Frankfurt Branch’s landmark offshore renminbi bond on Monday was met with strong demand in a market that has been buzzing with activity. Bankers said the success of the deal, which is the first CNH bond from a subsidiary of a Chinese name to settle, clear and list in Frankfurt, sets the stage for the city to become a popular destination for offshore RMB issues.

China Construction Bank (CCB) Frankfurt branch launched the first Frankfurt-issued renminbi-denominated bond from a subsidiary of a Chinese name on Monday morning. The two year transaction, which will clear and be listed in Frankfurt, had attracted more than Rmb1bn ($162m) in orders less than half an hour after books were opened.

Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.

Syndicate bankers hailed a return to form for senior debt this week, following a string of blowout deals. Given a week with no holidays to disrupt the market, financials reacted with gusto and printed around €12bn of senior debt, with investors stepping up to absorb the tide of issuance.

Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication as some 40 banks joined.

Linde, the German industrial gases group, has the euro bond market at its disposal this year. It hardly needs to issue this year, having just a $400m Eurodollar bond to redeem in November.

Market participants are taking on unnecessary exposure and ignoring credit risk in the search for yield in fx as volatility continues to remain at abnormally low levels, according to strategists.

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.

German construction group Hochtief has extended €2bn of loans by five years through its existing bank syndicate.

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.