Deutsche Bank

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.

German medical care company Fresenius attracted 45 banks into a €3.8bn refinancing, closing the transaction on Tuesday.

Bank of America Merrill Lynch and Deutsche Bank, two of the institutions named in a US lawsuit alleging manipulation in the dollar SSA market, have filed preliminary settlements for a total $65.5m, court documents show.

European corporate bond market participants are expecting supply to start again after the UK bank holiday on August 28. Kimberly-Clark was the first issuer into the pipeline when it announced a European roadshow on Monday morning.

The three bookrunners of a $900m-equivalent Hong Kong dollar loan for I Squared Capital’s acquisition of Hutchison Global Communications (HGC) have invited lenders to join the syndicate at a senior level.

Deutsche Bank said on Tuesday that Tom Patrick, head of equities and co-head of CIB Americas, would become head of Americas.

Chinese live streaming platform YY tapped the US market this week with a block sale of American Depositary Shares (ADS), capitalising on a surging stock price. Bankers are preparing for a raft of similar block sales — as well as a growing list of US IPOs from Chinese companies. Jonathan Breen and John Loh report.