Deutsche Bank

Westpac placed just under HK$13.4bn into the Hong Kong market across two MTNs last week — the pair of bonds are its largest ever in the currency, according to Dealogic. The notes came in a busy week for niche issuance, and bankers have posited that this move into the peripheral markets comes as a response to the global fall in yields.

The regulator of China’s interbank bond market has given BNP Paribas and Deutsche Bank type A-licences that give them full underwriting access to the market. But the move has puzzled a number of bankers both onshore and offshore.

Two near-investment grade industrials made a splash in the high yield bond market on Monday, with both Smurfit Kappa and Thyssenkrupp getting their order books oversubscribed multiple times.

Compared with last year, employees at BNP Paribas and Société Générale are more disapproving of their chief executives and less optimistic on the outlook for their firms over the next six months, according to analysis carried out by UBS.

Three new investment grade corporate bonds appeared in Europe on Friday, a slower pace than the frenetic one of Tuesday and Wednesday, but still adding €1.6bn to the already huge total of €15.5bn in the middle three days of this week.

Issuance is starting to resume after the summer break; however, this week a booming public market drew away investor and issuer attention from MTNs. Despite this, a range of established SSA, FIG and corporate borrowers have slipped in, with deals across core, niche and EM currencies.

Europe’s corporate bond market has made a remarkably strong start to the autumn issuing season, with €14bn of euro and sterling issuance in the first two open days for issuance (Tuesday and Wednesday) and another €1.5bn on Thursday.

After two huge days of corporate bond issuance, Thursday was much quieter, with issues only from Vier Gas Transport and SBB Norden — not because the market was worse, but just because most of the issuers that wanted to come this week had crowded into the first two days.

Lenders unconcerned as recession portents mount — Booking Holdings gets global group for revolver — Pemberton raises €3.2bn more for Europe’s mid-market — Eurotorg re-enters rouble debt market

UBS replaces EMEA president — Lloyds loses PP agent — Deutsche Bank reorganises treasury team

Subway operator Tianjin Rail Transit Group has raised a €200m Schuldschein loan, becoming the first Chinese company to tap this market. Bankers believe similar deals will follow, given the market’s appeal.

The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.