Deutsche Bank

Santos, the Australian upstream oil and gas company, has postponed its planned hybrid bond, after Opec’s decision to maintain production levels amid falling oil prices caused spreads to widen for energy companies.

BMW Finance returned to the New Zealand dollar bond market for the first time in more than three years on Monday with a NZ$100m ($78m) three year deal.

Ethiopia has launched its debut offering at 6.625% after circulating initial price thoughts of 6.75% area on Thursday morning. Bankers say the starting point was generous based on the current trading levels of other African sovereigns.

Chinese property developers are making the most of the bullish sentiment following China’s recent interest rate cut, with Logan Property Holdings and Yuzhou Properties Company pricing bonds this week.

Indian high yield names have been some of the most sought-after credits this year as investor sentiment picked up following the election of pro-reform prime minister Narendra Modi. But that winning streak appears to have come to an end, at least temporarily, after Reliance Communications (RComm) and Lodha Developers pulled the plug on their deals this week, writes Narae Kim.

India’s Hindustan Petroleum Corp has closed its $300m fundraising with commitments worth $225m pouring in from 12 lenders during general syndication. Although it got off to a slow start, the deal gained traction once lenders took into consideration the thinning in pricing for Indian state-owned names after it launched.

Keppel Telecommunications & Transportation is set to price its S$513m ($393.8m) real estate investment trust at the top end of the price range, with institutional books more than comfortably covered, according to bankers.

Another rash of block trades appeared in the European market this evening, though not as many as yesterday’s seven. The crop of four deals was led by a trade of €350m in Belgian nappy maker Ontex, where private equity groups TPG and Goldman Sachs are selling down after its IPO in June.

Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.

Siemens Audiology Solutions has enjoyed early commitments and well attended bank meetings in New York and London to market its €1.06bn loan and bond package to lenders.

Investor sentiment appears to have turned against India credits if the fate of two deals this week is anything to go by. Having extended its bookbuilding period there is still no sign of the debut from Reliance Communications while Lodha Developers is also giving investors more time to consider its trade.

French supermarket group Groupe Casino priced a €650m ($514.37m) 10.2 year bond on Tuesday, its third issue of the year. But its credit spreads have widened a little since its last deal on July 30.