Crédit Agricole

The Euro PP market needs to act fast to stop bank lending luring smaller companies away. But a few tweaks is all it needs.

Companies are continuing to use windows for corporate bond issuance ahead of Sunday’s Italian referendum, as three borrowers hit the euro bond market on Tuesday.

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.

Oversea-Chinese Banking Corporation has established its $10bn covered bond programme, and with a top rating from both Moody’s and Fitch, it is only a matter of time before the bank issues its first covered bond.

Export-Import Bank of China hit the debt market on Wednesday, bagging €2bn (US$2.1bn) in the largest euro deal from a Chinese borrower to date. While DCM bankers say that there’s little opportunity for arbitrage, Chexim benefited by reaching new investors. Morgan Davis reports.

Oversea-Chinese Banking Corp has become the last of the three big Singaporean lenders to pave the way for a covered bond, announcing a $10bn programme on Wednesday.

Chinese issuers stormed the primary debt market on Wednesday with Export-Import Bank of China, China Aluminum International Engineering Corp (Chalieco) and Changsha Pilot Investment Holdings Co among the borrowers attracting bids.

Heineken was the first of five corporate issuers on Tuesday to wrap up its offering, in a rush of supply that took advantage of a more stable backdrop in rates markets.

Shareholders of Abengoa on Tuesday endorsed a landmark debt restructuring for the renewable energy company — and averted the largest corporate bankruptcy in Spain’s modern history.

The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums.

The Asian debt market stepped up a gear Tuesday with a number of new launches and mandates, as issuers navigate the volatility and try to wrap up their fundraisings before key holidays and the end of the year.

Agence Française de Développement on Monday mandated banks for what is set to be the first euro benchmark from a public sector borrower in nearly a month.