Deutsche Bank

Just two benchmark issuers — Mars and Hewlett-Packard Enterprises — came to the US corporate bond market this week, as earnings season pushed corporate America into blackout. But after a short lull, bankers expect a spike in issuance as companies try to fund before the US election.

The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.

The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.

Nationwide Building Society put an end to a two year absence from the euro senior market this week, taking advantage of solid issuance conditions to bring in €1bn of new funding.

Tennet, the Dutch utility, lit up the market with a €1bn green hybrid that came flat to its curve on Wednesday, though some away from the trade said they would have expected to see a slightly larger book for such a well-regarded issuer.

Melco Resorts Finance was forced to pay a premium to secure orders for its $500m bond this week amid a wider underperformance of recent casino deals.

Carnival Corp, the largest cruise line in the world — badly stricken by the impact of coronavirus on its business — raised €425m and $775m of 5.5 year bonds on Wednesday, which will be subordinated to the $6.25bn of bank loans and senior secured bonds it issued in June and April respectively.

Indian solar power company SB Energy pulled its planned dollar bond late on Monday after grappling with a soft market backdrop and investor demand for a juicy premium.

Cifi Holdings (Group) Co sold its first green bond on Monday, raising $300m from a deal that received $2.25bn of investor order at its peak.

Tennet, the Dutch utility, has mandated for a long-telegraphed green hybrid bond, as the company looks to protect its credit rating during stakeholder discussions with the German and Dutch governments.

Market participants expect that bank debt issuance activity will slow down in anticipation of earnings season over the next few weeks. But deal arrangers suggest banks will still be keen to access the primary market during this period, should conditions remain favourable.

China Bohai Bank has priced its Hong Kong listing just off the floor of the marketed range to raise HK$13.8bn ($1.78bn).