Commerzbank

Irish headquartered US energy technology company Johnson Controls sold the shortest corporate bond deal of the week on Tuesday, tapping into the pool of investor money looking for a safe option into the end of the year.

The State of North Rhine-Westphalia launched a €2bn benchmark on Tuesday, printing with what leads said was zero new issue concession as the market prepares to shut down for year end.

The three corporate bond issuers who sold new issues in euros on Tuesday offered something short, something intermediate and something long. The shorter tranches benefitted from the most interest.

Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.

German oil refinery Heide chose one of the high yield market's quietest weeks of the year to fund a €200m dividend to its shareholder. Investors bought it, but some bankers spotted a steep premium in the pricing.

Crane maker Konecranes raised €150m with a debut Schuldschein on Monday, as the Schuldschein market aims to set a new yearly record.

Some 17 banks have pledged roughly €15bn in a bridge loan to support Hochtief's bid for Abertis, the Spanish toll road operator.

Universal Medical Financial & Technical Advisory Services has doubled its debut financing to $600m, with 13 banks joining in general syndication.

Export-Import Bank of China (Chexim) extended its curve with a 30 year dollar bond on Tuesday, part of a multi-tranche deal in which it raised a hefty $3.275bn in two currencies.

Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.

European high yield primary action resumed with Heide Raffinerie on Tuesday. As a first time issuer from an industry that makes up only a small portion of the market, the deal will test conditions after recent volatility, said sources.

Chinese issuers are storming the debt market this week, with Tuesday seeing the Export-Import Bank of China (Chexim), Shanghai Commercial Bank and Oceanwide Holdings Co among the borrowers enticing investors.