Crédit Agricole

Logistics provider ESR Cayman launched what will be the Hong Kong Stock Exchange’s biggest IPO of 2019 so far on Wednesday, seeking to raise up to HK$9.76bn ($1.24bn) as hopes of US rate cuts opened a clear window in otherwise trade war-weary markets. Gina Lee reports.

Investors proved their appetite for corporate bonds this week by gobbling €5bn of them on a single day, as Publicis Groupe and BMW issued jumbo deals on a second consecutive day of heavy issuance in Europe.

Warburg Pincus-backed logistics manager ESR Cayman opened books on Wednesday for what will be the biggest float in Hong Kong so far this year.

After 10 days of very scanty issuance and some weak markets, more stable conditions on Tuesday brought a salvo of five deals to the euro corporate bond market, offering a wide range of single-A and triple-B credits.

Russian potash fertiliser Uralkali has signed its five year $1.45bn-equivalent loan with 13 lenders joining the syndicate. With Uralkali and Suek now signed, lenders have started to prepare for EuroChem.

French pharmaceutical firm Ipsen is holding a roadshow for possible US private placement notes this week, according to market sources.

A pair of Middle Eastern banks, Emirates NBD and Abu Dhabi Commercial Bank, both placed short-dated sterling MTNs this week.

Buyers of credit default swap protection on bonds issued by Rallye, the holding company of French supermarket chain Casino, will find out on Friday how their positions might be settled, reports Owen Sanderson.

Agence Française de Développement (AFD) struck a lonely figure in dollars this week with a $650m two year floating rate note on Wednesday, though syndicate bankers said that several borrowers are lining up to pull the trigger on trades in the first week of June.

Portugal sold its long-awaited debut Panda bond on Thursday, becoming just the third European sovereign and the first from the eurozone to tap China’s bond market.

Agence Francaise de Developpement (AFD) was on the cusp of printing a $650m two year floating rate note on Wednesday, going against the recent trend among SSA issuers in dollars for fixed rate securities.

Brussels Airport has issued a €500m US private placement in three tenors in a “blowout transaction”, according to market sources.