Deutsche Bank

Endemol - Zenith Bank - 3i - Faurecia

The November deluge of dollar supply continued as companies from across the high-grade spectrum printed a total of $25bn in three days of issuance this week, led by nervous energy and resources companies.

Asian Development Bank became the second issuer to hit dollars this week, mandating for a seven year bond as KfW priced the largest 10 year global of any SSA issuer bar the US agencies. A pair of borrowers are tipped for possible deals next week, which will be the last full week of issuance ahead of the dollar market’s traditional close at Thanksgiving.

Apax and Bain Capital made their move for Portugal Telecom’s Portuguese assets this week, but rival bidder Altice is more than ready for its challenger, having signed the banks behind its bid on an exclusive basis some weeks ago.

The third time worked the charm for Aareal Bank, when on Thursday it sold what is likely to be its only additional tier one deal after having twice postponed sales this year amid spikes in market volatility.

Finnish export credit agency Finnvera priced a third and last issue of the year on Thursday, with what is only its second deal in euros.

Asian Development Bank announced a seven year deal on Thursday as KfW wrapped up a $5bn 10 year that drew over $7bn of orders.

Endemol, the Dutch television programme producer, is closing for commitments on a $300m-equivalent add-on to the €1.35bn refinancing loan it raised in July.

Singapore’s Keppel Telecommunications & Transportation started pre-marketing the S$505.4m ($392m) IPO of its real estate investment trust on Tuesday, November 11, with bookbuilding tentatively scheduled for the end of the month.

Aareal Bank, whose plans to repay a loan to the German government by raising additional tier one capital were derailed by capital markets volatility in July and September, is hoping the third time is the charm as it announced a €300 million perpetual non-call five year AT1 on Thursday morning.

Two UK companies completed cash-box placings on Wednesday, and both found plenty of demand. Essentra, which makes small components and packaging products, raised £168.8m of new capital, while Workspace Group, the provider of serviced offices in London, raised £96.5m.

KfW has hired a trio of banks to run a 10 year global. Market participants expect the deal to fly given the attractive pricing on offer.