Credit Suisse

Liability management transactions continue to dominate Brazilian bond supply, with regulars Braskem and Votorantim raising money for buybacks on Wednesday.

The first wave of the big investment banks reported first quarter numbers this week, showing that the promised dive in fixed income trading revenues was no idle warning, writes Owen Sanderson. JP Morgan, Citigroup, Bank of America Merrill Lynch and Credit Suisse all reported first quarter FICC or fixed income numbers down between 15% and 21%, as trading volumes and volatility slumped.

In yet another sign of the European high yield market's bullishness, SGD Group, the French glass packaging company and a debut issuer, has priced a fixed rate bond with an unconventionally short non-call period, increased the deal and sold it inside price guidance. And SGD is not alone — Alain Afflelou, a French optician chain, is following the short call example.

CGG sold its first high yield bond in euros on Wednesday. The French geosciences business, formerly CGGVeritas, increased its deal from €360m to €400m and priced it inside guidance with a 5.875% coupon.

After mandating leads for a roadshow at the end of March, Berlin Hypothekenbank (BHH) opened books on Monday for a €500m seven year Pfandbrief. Though the deal had been widely anticipated, bankers said Ukrainian headline risk could have derailed its timing.

Eden Springs, a provider of watercoolers and coffee makers, has sold its debut high yield bond, less than a year after its buyout by Rhône Capital.

Industrial and Commercial Bank of China priced a Rmb2.5bn ($405m) dual tranche bond on Tuesday night, with investors showing a strong preference for the two year tranche over the five year.

Credit Suisse announced first quarter results on Wednesday, with a painful opening quarter in fixed income lending credence to calls from analysts to rethink its FICC business.

The Ethiopian government is due to sign a $900m loan by mid-May to fund a railway line from Awash to Weldia in the north of the country.

Taiwanese silicon wafer fabrication firm Inotera Memories has hired three banks to work on a global depository receipt transaction, which could be worth up to NT$12bn ($367m).

The government of Tanzania has signed a loan totalling just under $200m that will be used for specific projects.

Technology firm Tencent has been on a bond investor roadshow after putting in place a $5bn GMTN programme.