Credit Suisse

New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.

French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.

Shares in Aryzta, the frozen baked goods company listed in Ireland and Switzerland, surged by as much as 13% on Tuesday morning after it signed an agreement with five international banks to underwrite its €800m rights issue.

OUE Commercial Real Estate Investment Trust will partly fund an acquisition from its sponsor through a S$587.5m ($427.2m) rights issue.

The deal flow of high yield bonds kept rising in euros and sterling this week. Four new issuers joined the already heavy pipeline, including a euro bond from UK premium car manufacturer Jaguar Land Rover.

Swiss flavours and fragrance manufacturer Givaudan is a regular user of the Swiss franc corporate bond market, but sold its first euro deal this week to help refinance the funding of its €1.25bn acquisition of French natural ingredients supplier Naturex.

The UK’s RPC Group is in talks with two private equity firms for a potential sale, with the plastics packaging company’s pre-acquisition leverage well below covenant breaching levels.

Investors were queuing up to buy Bankia’s latest additional tier one transaction on Monday, as the Spanish bank reopened the subordinated bond market for Southern European borrowers.

Studio City International Holdings, the Macau-based casino resort, has filed publicly for an IPO in the US with an indicative size of $115m.

Daimler raised £500m when it reopened the sterling corporate bond market two weeks ago following the summer break — and nothing more was seen in the currency until this week, when two deals raised a combined £1.1bn.

US telecoms giant AT&T has historically used the sterling corporate bond market for longer dated issuance. However, on Thursday, it sold an eight year deal in the currency – its shortest tenor in sterling since 2009.

Credit Suisse was able to rack up more than $8bn of demand for its additional tier one deal on Wednesday in the face of jittery equity markets, as Rabobank had done the day before.