Credit Suisse

US telecoms company AT&T brought a new type of hybrid deal to Europe’s corporate bond scene this week, as dwindling spreads created seemingly contradictory sweet spots for issuance across the market.

Investors rushed into Huaneng Power International’s dual-tranche $600m bond on Wednesday, attracted to the Chinese company’s investment grade rating.

Singapore-listed Prime US Real Estate Investment Trust (Reit) raised $120m after a rush of demand led it to increase the size of its placement.

Chinese borrowers continued to find strong response for their dollar bonds on Wednesday, despite the Covid-19 virus outbreak plaguing the country.

AT&T, the US telecoms company, broke new ground in the European bond market on Wednesday by issuing a €2bn perpetual non-call five year preferred security.

Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.

UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.

Virgin Money is getting ready to launch its first sale of euro-denominated debt from its holding company, as the UK challenger bank looks to meet a 2022 deadline for the minimum requirements for own funds and eligible liabilities (MREL).

The UK’s Gerald Group has signed its annual dollar revolving credit facility, with the metals trader growing the size of its banking group and increasing the size of its deal to $253.5m.

Singapore-listed Prime US Real Estate Investment Trust (Reit) is looking to raise at least $100m from the placement of new units to equity investors.

The euro market had no trouble digesting a pair of similar trades from Landesbank Baden-Württemberg (LBBW) and Svenska Handelsbanken this week, with both banks printing non-preferred senior bonds at 58bp and paying a small new issue premium to investors.

Zhongliang Holdings Group Co has raised $250m from a 364-day deal, on the back of revived trading in Chinese high yield property bonds.