Crédit Agricole

Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away new issue concessions.

Indonesia's Tower Bersama Infrastructure used its recent rating upgrade to entice investors to its $300m bond on Wednesday. Price discovery was not easy but the telecommunication tower provider’s improving business profile appealed to the market.

SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.

Crédit Agricole tapped the Australian dollar market for tier two debt this week, following up last Tuesday's public US dollar benchmark with a privately placed trade in a similar tenor.

The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors.

Beijing Enterprises Clean Energy Group has made a quick return to the loan market after five months, seeking a $150m deal in general syndication.

World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year.

Europe’s high grade corporate bond market is showing no signs of slowing down, with new issues again breezing through fair value.

Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.

The first public deals of the year in the long end of the euro curve from the supranational and agency sector arrived on Monday, with the trades receiving huge demand and pricing exceptionally tight to secondary levels.

Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away any new issue concessions issuers have to give.

A burst of mandates on Monday confirmed what many market participants had expected: a rise in emerging market corporate bond supply.