Deutsche Bank

After five months of silence, corporate issuers have returned to the Kangaroo bond market as pent up demand provides a ready home for paper.

After a slow start to the week, a torrent of covered bonds was priced on Wednesday and Thursday, as issuers sought to move quickly in case the market succumbs to one of many potential political risks it faces this month.

Uniper, the Germany energy company subsidiary of E.ON, is preparing to syndicate a €5bn loan to a wider group of banks.

Abu Dhabi's Mubadala has tightened the margin on its $1.75bn three year refinancing, despite the price on the original loan already being “eye-wateringly low”, according to one banker.

Majorca-based travel services operator Hotelbeds has released price guidance on its €490m cov-lite seven year term loan ‘B’ following bank meetings on Tuesday in London.

Malaysia’s Khazanah Nasional sold nearly 2% of its stake in IHH Healthcare this week, raising MR828.7m ($200.5m) from what is the sovereign wealth fund’s first block trade in the company’s shares since its listing in 2012.

Japan’s SoftBank Group Corp has wrapped up a landmark $8.9bn sell-down in Alibaba Group Holdings through a combination of five separate transactions, including raising $5.5bn via the sale of mandatory exchangeable trust securities (METS). The size of the METS is impressive, making it the largest equity-linked deal globally since 2010, but it also came with a structure almost never seen before in Asia. Jonathan Breen reports.

Argentine cable company Cablevision will begin meeting investors on Thursday ahead of a planned $500m bond issue.

French car hire firm Europcar Group on Tuesday sold a €125m tap of its 2022 bond in a high yield market that is longing for more single-B issuance.

The CEEMEA bond market is in full flow as issuers jump in ahead of the FOMC meeting, Brexit vote and Ramadan. Two issuers are out with initial price thoughts and a string of others have mandated for new bonds.

Corporate bond new issuance in Europe has eased off the accelerator, with market participants talking of oversupply in recent weeks. But two events on the horizon are exerting an influence: the Brexit referendum on June 23 and the European Central Bank’s expected start of its Corporate Sector Purchase Programme.

Deutsche Bank, Itaú and JP Morgan will manage Argentine cable company Cablevision’s return to international bond markets, according to Lat Am DCM bankers.