Deutsche Bank

The Philippines’ largest bank — BDO Unibank — is in the market to raise $350m in a deal led by half a dozen mandated lead arrangers and bookrunners. The bank is the latest among a string of financial institutions out of the country to go offshore for dollars. Bankers expect more activity of this kind, as Philippine lenders look to fund their fast growing economy.

The continuing saga of Kaisa Group Holdings reared its ugly head once again this week when Sunac China Holdings announced it had terminated the acquisition of a stake in the troubled property developer. But that had little impact on the primary pipeline, with two high yield real estate companies raising a combined $600m.

The Democratic Socialist Republic of Sri Lanka is set to return to the offshore debt market on May 28, while China National Bluestar and Global Logistics Properties (GLP) are also marketing their maiden dollar bonds to investors.

Unilever, the UK-Dutch consumer goods company, highlighted growing demand for short dated bonds and FRNs on Wednesday, when it gathered a hefty order book at arguably no new issue premium for a three year floater.

A Nordic agency is set to tackle the 10 year part of the dollar curve — a tenor SSAs have largely shunned so far in May.

International Airlines Group, owner of British Airways and Iberia, will use a €1.4bn loan to finance its cash offer of the same size for Aer Lingus.

The Republic of Korea has mandated two banks for a credit update with bond investors in London next week.

Lower rated property developers from China are firmly back on the menu for fixed income investors with Fantasia Holdings Group the latest to try its luck on May 27.

A move to halve the number of rolls for single name credit default swaps is a short term act of necessity. But the CDS market needs much more reform.

Eli Lilly, the US pharmaceuticals company, made its euro bond debut on Tuesday, printing seven, 11 and 15 year notes and proving that the market is still open for longer dated paper — at a price.

Europcar, the French car rental company which last week filed for an IPO, began a three day roadshow on Tuesday for a €475m high yield bond issue.

Hydropower producer China Three Gorges Corp (CTG) has mandated Deutsche Bank, ICBC International and JP Morgan as joint global co-ordinators for its first venture into the international bond market.