Deutsche Bank

Loan investors succeeded in the ‘game of chicken’ in setting deal terms on the first two major new money acquisition loans in the European market this year, winning a package of concessions that could help achieve a better balance between borrowers and lenders in a market that has seen documentation deteriorate.

Export Development Canada made light work of its debut euro benchmark on Wednesday, with the deal heavily oversubscribed and printed 3bp tighter than price thoughts. While applauding the deal, some on-looking SSA bankers felt the level on offer might have been slightly generous — although they admitted that fair value is always fuzzy on an inaugural trade.

Export Development Canada mandated banks on Tuesday for its inaugural euro benchmark, despite the euro/dollar basis swap having moved against euro issuance since the start of year, according to bankers.

Erste Abwicklungsanstalt (EAA)’s decision to forego the price discovery process on its first benchmark of 2019 paid off, as the issuer printed more than its original target for the dollar deal on Tuesday at a level that some SSA bankers away from the deal said may have been slightly through its secondary curve.

When will the supply of Chinese property bonds end? Bankers detected hints of indigestion after a rush of deals last week, but that does not appear to have slowed down the mass of supply. Five more companies turned to dollar bond investors on Monday.

The Coca-Cola Company has reopened the European corporate bond market this week with a €3.5bn four-tranche offering to refinance euro-denominated debt due later this year. The company hit screens despite a difficult earnings update last week that caused the biggest daily drop in its stock in a decade.

Erste Abwicklungsanstalt (EAA) looks set to have the dollar market to itself on Tuesday with its first benchmark of the year, and is foregoing the price discovery process.

Chinese broker Up Fintech, best known for its platform Tiger Brokers, is planning a listing of American Depository Shares (ADS) on the Nasdaq. It wants to raise as much as $150m.

L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate, Sofr.

L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate Sofr.

Rentenbank printed at a tight spread on Thursday with a 10 year euro benchmark, swelling the deal to €1.25bn.

The past week has been the busiest of the year so far in the international segment of the Swiss franc market, with European bank issuers accounting for much of the new issue flow.