Deutsche Bank

Swedish property manager Fastighets AB Balder printed the year’s first hybrid bond with speculative grade ratings on Thursday, after investors oversubscribed its €350m offering by 4.5 times.

Best, a logistics firm backed by Alibaba, started pre-marketing its $1bn IPO on the New York Stock Exchange this week, as a clutch of Chinese issuers also filed listing applications in the US.

Two of Europe’s biggest issuers are relaunching the sterling market in the wake of the summer lull this week — including one that more than doubled its initial target.

KfW opened a new 10.5 year Australian dollar line on Wednesday, with the hope of drawing in the Kangaroo market's typical long end lender base.

Equity-linked bond issuers are often the most quixotic group among equity capital markets issuers — the market is frequently marked by sudden droughts caused by lack of deals, despite strong market conditions, as happened this spring.

The bookrunners on logistics company Best’s potential $1bn US IPO have kicked off pre-marketing, according to a banker working on the deal.

Fastighets AB Balder, the Swedish property manager, began roadshowing for a €350m hybrid bond in euros and Swedish kronor on Tuesday. It may become the second Nordic borrower to issue in an otherwise quiet euro high yield market during the summer break.

Six corporate investment grade borrowers took home a combined $3.75bn as the US dollar market finally took a breather for the summer after the breakneck pace of issuance for the month so far.

Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.

The two new issues that were priced in the European corporate bond market this week have both tightened from their reoffer spreads. The success of these deals has accelerated the thinking of some issuers and two more roadshows were announced on Thursday.

A dry spell for the equity-linked market in Europe was broken on Wednesday when TAG Immobilien, the German residential property company, issued a new €262m five year convertible bond as part of a wider refinancing effort.

European corporate bond investors had only had one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.