Deutsche Bank

The European corporate bond market is persisting with its unusual habit of deals being launched with fat new issue premiums, which are then taken away by extreme tightening during the bookbuild.

Tightening pricing to well inside what many market participants had expected did not prevent Argentina holding onto the bulk of its $69bn book and printing more bonds than it had planned on Tuesday in one of the most remarkable trades in recent memory.

Lebanon has launched its $1bn dual tranche note in line with price guidance on its 2024s and at the tight end of talk for its 2031s.

Banca Popolare di Vicenza’s mainly retail shareholders will be left owning just 0.66% of the bank if its €1.5bn IPO is priced at the bottom end of the price range. That the IPO and capital increase would be highly dilutive had been clear for some time, but the publication of the price range today makes it possible to put numbers on this for the first time.

Preem, Sweden’s largest oil refiner, is marketing $700m of senior secured five year non-call three PIK toggle notes at numerous investor meetings throughout this week.

Cirsa, the Spanish gaming company, increased a five year bond offering this week from €300m to €450m after receiving an enthusiastic investor response, and priced it tighter than the guidance range on Tuesday.

China Aoyuan Property Group made light work of jittery market conditions on Monday with an extremely popular $250m bond that was more than seven times covered by asset-hungry investors.

Indonesian television broadcaster MNC Sky Vision has launched the senior syndication phase of its $275m two tranche borrowing.

Argentina could hardly have asked for more from Monday’s book building for its return to international bond markets as investors rushed into the largest ever order book for an emerging markets deal.

Several of Europe’s IPOs moved forward today, with coverage and pricing updates and the launches of bookbuilds.

Cirsa, the Spanish gambling company, is offering a rare single-B rated high yield issue, with bank meetings in London on Monday and Tuesday for €300m of five year non-call two notes.

The head of Santander’s FIG DCM origination for UK and Nordic borrowers has left the bank after nearly nine years.