Deutsche Bank
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Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China. -
Glencore financial entered the Swiss franc bond market on Thursday, raising Sfr175m with a six year bond. The deal was smaller than previous issues in the currency from the Anglo-Swiss commodities company, but was inside dollar funding levels.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Japan Tobacco took the rare step of issuing corporate bonds in three different currencies on the same day when it sold its debut euro and sterling bond deals alongside a pair of dollar tranches this week. The unusual move proved to be a successful one however, with each tranche at least three times subscribed.
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Four Chinese high yield issuers sealed bonds on Wednesday, when a total of nine deals were priced in the primary market in Asia ex-Japan, making it the busiest day in the region in months.
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The State of North Rhine-Westphalia won strong demand on Wednesday for its longest ever trade, allowing it to print a size almost double its target.
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The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
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The State of North Rhine-Westphalia is preparing to bring its longest ever euro benchmark.
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Japanese issuers are not frequently seen in the European corporate bond markets, but this week could have two companies going head to head with benchmark euro transactions. Japan Tobacco will sell its first new issues in Europe, while Toyota is better known to investors on the continent.
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Knorr-Bremse, the historic German manufacturer of brake systems for trucks and trains, has started one of the largest German IPOs of the year, having filed an intention to float document on Monday morning.
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Garrett Motion began to market euro bond funding for its separation from Honeywell this week, as high yield investors close on some of the largest deals seen so far this year.
