Deutsche Bank

Innocean Worldwide Inc, the advertising arm of South Korea’s Hyundai Group, has started the ball rolling on its IPO, testing investor demand for a $300m deal on Tuesday.

No one saw this one coming. Petrobras, whose bonds just two months ago were trading at almost distressed levels, joined an elite club of century bond issuers on Monday, and attracted $13bn of orders in the process.

Hindustan Petroleum Corp’s (HPCL) $400m 39 month facility has been allocated, with seven lenders joining in general syndication. When the loan was launched, market participants saw it as a litmus test for retail demand for three year state owned Indian assets. While the deal got past the finish line, bankers on the loan said the response was tepid.

Europcar began premarketing its IPO on Monday, seeking to raise €475m of primary proceeds to cut a €2.2bn debt load, as well as some secondary proceeds to be decided later.

Optimal Payments, the Isle of Man-based secure payments provider, has repriced the financing for its acquisition of Skrill, before closing the deal, and replaced amortising loans with a bullet facility.

Banks steered clear of the European bond markets on Monday, as the vast majority of last week’s primary prints languished wide of their re-offer levels.

Logistics facility provider Global Logistic Properties (GLP) completed its debut outing in the dollar bond market in style, raising $1bn from a Reg S 10 year trade. Despite its first appearance, the company’s niche sector and link to GIC provided enough comfort to investors.

The Democratic Socialist Republic of Sri Lanka made a well-received return to the international bond market on May 28, pricing a $650m 10 year bond inside its existing curve.

China National Bluestar raised $1bn from its maiden dollar bond on May 28 as investors flocked to the state-owned chemical company’s dual tranche deal. Despite garnering almost twice as much demand for the longer dated bond, the borrower opted to raise equal amounts across the three and five year trades.

Credit trading desks at banks have been swept by a tornado of job moves, as financial institutions specialists leave or jump to rival firms in a scramble to survive in a shrinking market.

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.

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.