Crédit Agricole

CK Hutchison, the conglomerate with headquarters in Hong Kong, issued €2bn in the European corporate bond market on Tuesday, diversifying the market’s sources of non-European deal flow.

ArcelorMittal’s $3.015bn rights issue, as part of its $4bn debt cutting plan, was completed oversubscribed, the steelmaker said on Monday, despite the gloomy outlook for the European steel industry.

Instituto de Crédito Oficial printed a no-grow €500m September 2018 social bond on Tuesday, with bankers noting that the bond’s high yields might have been just as appealing as its high morals.

The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.

Qatar National Bank is turning to euro funding with its latest €1.5bn loan, which was launched on Tuesday.

Portugal is lining up for its first test of the syndication market since the European Central Bank announced its latest round of monetary easing measures a month ago — measures that have had less effect on Portugal than its periphery peers.

CK Hutchison Holdings has kicked off bookbuilding for a euro-denominated dual-tranche offering, which will mark the firm’s return to the currency after a gap of 18 months.

The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.

Eranove, an electricity and water company that operates in several west African countries, has published its document de base for a Paris IPO that will raise €200m of new capital and may also involve a secondary selldown.

European Investment Bank is expected to comfortably print a 10 year Earn on Tuesday, but bankers have expressed concern for the prospects of other issuers looking to sell deals in the currency as yields fall to near record lows.

With spring finally arriving in London, public sector bankers were warming up for an expected burst of dollar issuance as the second quarter kicks in next week — with a full rainbow of maturities available for the first time since the summer, writes Craig McGlashan.

The success of the Euro private placement market is clear from its internationalisation and the growth in issuance by smaller companies, said market participants at an industry gathering on Tuesday. But in the next stage of the market’s evolution, it will have to tackle the issues that come with deals of lower credit quality.—