Currencies

Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.

Heineken used the quieter end of the week in terms of issuance to price its second benchmark corporate bond issue of the year. The sixth benchmark issue of the year in Europe by a beer producer was the only deal in the market on Friday.

I Squared Capital’s $900m-equivalent Hong Kong dollar loan backing its acquisition of Hutchison Global Communications (HGC) pulled in more than 20 banks during senior syndication, with more expected to join before the deal wraps up this week.

Industrial and Commercial Bank of China is jumping on the green bandwagon, hiring firms to work on its inaugural green deal denominated in dollars and euros, to be sold through its Luxembourg branch.

This week started very strongly in the investment grade euro corporate bond market with nine tranches issued in the first two days. However, the rest of the week yielded just the one. Syndicate managers are not worried though about a lack of supply next week.

Samson Paper raised HK$780m ($100m) from its latest outing to the syndicated loan market, with strong demand lifting the deal from an initial size of HK$570m.

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.

Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.

Oesterreichische Kontrollbank found an almost empty market as it made a strong return to euro issuance after nearly a decade of absence. The lack of other benchmarks surprised some bankers — although opportunistic deals and SRI issuance now seems likely to make up the bulk of the remaining deals this year with most issuers very well funded.

Three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday using different tenors to raise a combined €1.06bn.

Spanish gas distribution company NorteGas Energía Distribución was the only investment grade corporate bond issuer in the euro corporate bond market on Thursday. Its debut deal was a €1.3bn five year and 10 year dual tranche offering with order books totalling €5.4bn.

Autostrade per l’Italia, the Italian toll road operator, on Monday printed a €700m 12 year deal to finance a tender offer for up to €650m shorter dated bonds.