Deutsche Bank

DP World shook off turbulent markets on Tuesday to take a $3bn book for its $500m trade. While the borrower may have been pushed to issue to avoid blackout, pricing still came inside the borrower’s existing curve.

Weak German GDP figures helped drive a bid for Bunds on Wednesday morning, bringing a degree of stability after two weeks of volatility in eurozone government bonds.

A government guarantee helped Trade and Development Bank of Mongolia (TDBM) make a strong return to the market with a $500m bond this week. A triple digit premium over the sovereign was not enough to entice most Asian investors to the trade, but European and US accounts lapped it up.

Labco, the French medical diagnostics firm, is set to price its IPO at or near the bottom of the original range, to raise about €440m of primary and secondary proceeds.

A pair of highly rated SSAs are set to dip into dollars on Wednesday, after two issuers had contrasting fortunes in the market on Tuesday.

Dutch speciality chemicals firm IMCD and shareholder Bain Capital together netted €328m on May 12 through concurrent primary and secondary share offerings, priced without a discount.

DP World’s $500m no-grow five year bond is already seven times subscribed. Price guidance has been tightened to 160bp over mid-swaps, plus or minus 5bp.

Stable stockmarkets on Monday May 11 were enough to tempt four sellers into the evening market tonight, with trades in three stocks, including a combined offering of new and existing shares in IMCD.

Würth, the leading maker of screws and other fastenings, opened the week’s corporate bond issuance in Europe with Monday’s sole corporate deal, drawing a solid order book at a skinny new issue premium.

A pair of core eurozone agencies are set to dip into the short end of the dollar curve on Tuesday, but more issuance could come further out the curve.

J Sainsbury, the UK supermarket chain, has refinanced a trolley of loans, removing covenants and securing the loans on its properties, after announcing its worst earnings for a decade last week.

Delachaux, the CVC-owned French railway track maker, is working to close books on its €690m loan repricing this Monday, with a second cut in the deal’s margin.