Deutsche Bank

Greece is set to make its much rumoured return to the debt markets this week, bringing a new five year bond alongside a switch and tender offer for its original comeback issue, an April 2019 sold three years ago. Bankers away from the trade expect the trade to go well, despite coming just as the summer slowdown is set to start.

An otherwise quiet week for block trades was interrupted on Thursday night with a large selldown of shares in Norilsk Nickel, the Russian nickel and palladium mining company, by Metalloinvest, the steel maker and miner.

Investors flocked to Parkway Pantai’s senior perpetual offering on Thursday, intrigued by a rare bond from a debut healthcare issuer despite the deal's lack of rating.

Kroger and Alimentation Couche-Tard led a flurry of issuance by dollar borrowers to exploit red hot demand for high grade paper. With the bulk of corporate America in earnings blackout, the retailers demonstrated the strength of investor sentiment.

Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.

The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.

A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

Healthcare company Parkway Pantai opened books for its inaugural dollar bond on Thursday morning local time, collecting bids for a perpetual non call five year.

Ivanhoé Cambridge, the Canadian real estate company that is the largest shareholder in Gecina, has sold 87% of its allocation of rights in the French property group's €1bn rights issue, through a block trade on Tuesday night.

Italian electricity network operator, Terna, brought its first new issue of 2017 on Wednesday, and benefitted from the current strong demand for triple-B rated bonds. The €1bn 10-year deal had an orderbook of €1.6bn and printed with a new issue premium of 10bp.

Equity capital markets in Europe are beginning to wind down for the summer break, with just a handful of live deals left.

Any debt bankers hoping for an early summer lull were left sorely disappointed on Tuesday, as a slew of Chinese issuers ensured a breakneck pace of issuance.