Deutsche Bank

China Evergrande Group made its debut in the equity-linked market on Tuesday, raising a hefty HK$18bn ($2.3bn) from a convertible bond — but not before slicing a third off the original deal size and rejigging its structure.

Equity investors have entered the New Year hungry for assets. Demand on deals has well exceeded initial volumes, leading to issuers increasing sale sizes.

Avedon Capital Partners, Bain Capital, Black Diamond and Cinven have launched the first post-IPO selldown of shares in JOST Werke, the German maker of axles and chassis for lorries and trailers which listed on the Frankfurt Stock Exchange in July 2017.

ICBC Standard Bank has scooped up a new origination banker to join its emerging markets DCM team, focusing on central and eastern Europe, Turkey, Russia and the Middle East.

Property developer China Evergrande Group opened books for a HK$23bn ($2.9bn) perpetual convertible bond on Tuesday evening, a deal that was much sought after by banks.

Future Land Development Holdings and Powerlong Real Estate Holdings sold their respective equity-linked notes with almost similar results on Monday. Both deals were fully increased and priced near the investor-friendly end of terms.

US lottery and gaming group Scientific Games International sold its first euro bonds this week, in a European high yield market that bankers and investors described as ready and steady for opposite reasons.

The European Investment Bank (EIB) and Municipality Finance announced sterling transactions for Tuesday, making this January a remarkably busy one for the currency.

Qatar National Bank is expected to sign its $3bn loan refinancing in the first week of February, according to a source close to the deal.

Private equity firm PAI's divestment of its majority stake in Kiloutou, the French equipment rental firm, is pumping supply into the term loan market this week through a secondary buyout. Meanwhile, PAI is itself funding its leveraged buyout of Albéa, a French beauty product packaging group, with a high yield pay-if-you-can (PIYC) bond.

Two Chinese property developers are in the market on Monday evening to sell convertible bonds with nearly identical structures.

When talking to syndicate managers or investors about the first month of 2018, you may think that supply volumes in the euro investment grade corporate bond market have been unusually low. However, a comparison of previous January issuance levels suggests it has been a much more normal start to the year.