Deutsche Bank

A flood of financial institution bond issuance this week concluded on Friday with a brace of tier two deals, from Standard Chartered and Italy’s Generali.

Philippines’ Security Bank Corporation is due to hold investor meetings next week for its debut dollar bond, the lender’s first move to tap into broader capital market in dollars.

German IT company SAP today priced €2.75bn of the €4bn bonds it said it would issue to fund its acquisition of US expenses software firm Concur. The deal generated huge demand, with order books across the three tranches bulging to €11bn.

A busy week in non-core markets saw Rentenbank return to the Canadian dollar market in size, the Central American Bank for Economic Integration (Cabei) price a new Swiss franc deal inside its curve and a quartet of SSAs access the kangaroo market.

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.