Deutsche Bank

Daimler had the new issue corporate bond space to itself on Monday, but the deal it achieved was still a spectacular result for many reasons. Pushing out to new, longer maturities for the volume of bonds sold was an excellent outcome for one of the more frequent corporate issuers, and could support a more permanent long dated market in euros, writes Nigel Owen.

The Loan Market Association has appointed four new board directors following its annual general meeting on Wednesday.

Indonesia has announced plans to meet investors in continental Europe next week ahead of a potential dual tranche euro and dollar bond placement.

Kazakhstan’s Nostrum is planning a combined debt buy-back and new issue, and will meet investors from Monday and will be hoping to emulate the success of national oil champion KazMunayGas in April this year.

Standard Chartered’s head of capital markets solutions Lesi Zuo is leaving the bank for a job in fintech, according to sources.

Chinese property developer Modern Land (China) Co is making a comeback to the international green bond market, opening books for a short-term trade on Thursday morning.

On Wednesday, Heathrow returned to the euro bond market for the first time for over two years. The UK airport company printed a €500m 15 year deal, following the lead of Daimler and Gecina earlier in the week.

So far this week, euro corporate bond investors have had to choose between three tranches from an individual issuer. On Wednesday, they had a choice of three issuers, with different ratings and offering different tenors.

Though some bankers have detected a cooling of investors’ thirst for European IPOs in recent weeks, the right names are still flying off the shelves. Delivery Hero, the online food ordering service, is guiding investors in its €866m deal to the top of the price range, and shares in restaurant chain Vapiano rose on their debut.

Melco Resorts Finance added $350m to its existing 2025 bonds on Tuesday, managing to capture the interest of some Asian investors that had previously shunned the credit.

B.Grimm Power Public has begun the roadshow for its up to Bt11.8bn ($350m) IPO on the Stock Exchange of Thailand (SET).

Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.