Deutsche Bank

Volkswagen has closed the books on the long-awaited spin-off of its truck division, Traton, at €27 a share, the bottom of the price range. It was a positive result for the company, according to sources speaking to GlobalCapital.

Country Garden seeks second borrowing in six months – UAF taps two banks for HK$1.6bn – Deutsche arranges $190m for Shangshi – Pakistan sovereign deal open – Malakoff woos banks to refi – IRFC pulls into Samurai market

Shanghai Shangshi (Group), part of Chinese state-owned Shanghai Industrial Investment Holdings, is tapping the offshore loan market for $190m.

Cellnex Telecom, the highly acquisitive Spanish wireless telecommunications company, has issued a €850m convertible bond due in July 2028 to fund its €11bn pipeline of investment opportunities in the European telecom towers market.

Investors poured into Agence Francaise de Developpement (AFD)’s 10 year euro benchmark on Tuesday, allowing the French agency to issue its largest ever trade in the currency.

Prologis European Logistics Reit, the A3/A- rated warehouse real estate investment trust, returned with its second green bond on Tuesday, having issued its first in March 2018.

The Democratic Socialist Republic of Sri Lanka made a quick return to the dollar market on Monday, raising $2bn just a few months after sealing a larger $2.4bn offering.

Fosun International has raised a larger-than-expected $700m to help fund a tender offer that will close next week, while Kaisa Group Holdings was in and out of the market with a $500m tap of two existing bonds.

Europe's investment grade corporate bond market began the week with a hefty pack of new bond issues, as issuers were spurred on to bring deals by last week's rally and the favourable performance of past prints.

Agence Francaise de Développement was the only public sector borrower to mandate banks for a new benchmark bond on Monday, as squeezed yields cause issuers to hold off from the primary market.

Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.

The Republic of Serbia’s first international bond for six years took advantage of a wave of bond buying, after European Central Bank President Mario Draghi’s comments earlier this week signalled a growing chance of eurozone rate cuts.