Deutsche Bank

The Republic of Croatia pulled pricing for its €750m 2.7% 2028 bond 30bp tighter than initial price guidance on Wednesday, bringing the reoffer spread nearly flat to the outstanding curve.

KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.

Swiss Re, the reinsurance group, returned to the equity-linked debt market on Wednesday with a deal that reinforced this issuer’s reputation for financial innovation: a $500m equity-neutral convertible bond that also acts as a contingent convertible security — except with more flexibility for the issuer.

Investors in Carpetright, the UK carpet and flooring retail chain, have backed its recovery plan by subscribing in high numbers for a £60m capital raising.

The Republic of Croatia released initial price guidance for a 10 year bond on Wednesday morning and books for the deal are already in excess of €1.3bn.

Vinpearl blazed a trail for the Asian equity-linked market this week as Vietnam’s first issuer of exchangeable bonds, printing a hugely successful $325m trade. But the execution was not all plain sailing, coming amid a backdrop of emerging markets angst and the disappointing IPO of a high-profile Vietnamese bank. John Loh reports.

Vinpearl has hit screens with the year’s first exchangeable bond in Vietnam to raise $275m, as southeast Asia’s equity-linked market heats up.

On Monday, Volkswagen reopened the euro corporate bond market after a blank week. The German car company’s financial arm was the only corporate issuer to brave the market on the day and, despite issuing a €1.5bn triple tranche deal, kept its longest maturity at six years.

EPP, a Polish real estate investor specialising in shopping malls, has mandated banks for a euro bond, joining Atrium European Real Estate in the rush to issue the first non-financial corporate bond from CEE since early May.

Chinese education firm Puxin's $166m New York Stock Exchange IPO was covered by demand from Asian investors alone on the first day of bookbuilding.

Bank of America Merrill Lynch has added a member of Deutsche Bank’s treasury team to its SSA syndicate desk — its second public sector hire in as many months.

Investors have been reducing their exposures to risk in financial markets this week, after Italian president Sergio Mattarella helped to set the country on a course towards fresh elections.