Deutsche Bank

The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

China’s eHi Car Services has started pre-marketing its $100m US IPO just weeks after filing a preliminary prospectus with the Securities and Exchange Commission.

Corporate borrowers’ rush to raise money before earnings numbers go stale in mid-November looks to have begun in earnest in Latin America as still low base rates provide attractive conditions for issuers.

Mexican government-owned oil company Pemex will visit European investors next week on a non-deal roadshow, a source close to the borrower said.

German wind-up agency FMS Wertmanagement priced on Wednesday afternoon the first benchmark in two weeks to come at the tight end of guidance.

Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.

Korea Hydro & Nuclear Power (KHNP)’s new five year fixed rate note was six times over-subscribed on Tuesday. The Aa3/A+/AA- rated borrower offered investors something of a safe haven play amid the recent market volatility and strong demand drove pricing flat to the issuer’s existing curve.

Metro, the German supermarket group, strengthened the narrative that Europe’s corporate bond new issue market is recovering, with a €500m seven year issue on Tuesday.

KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon.

Swiss franc investors snapped up a long dated Quebec issue on Tuesday, following a shift in demand toward 10 year paper.

SAP, the German software firm, closed syndication of the €7bn bridge facility for its $8.3bn acquisition of US expenses software firm Concur at the end of last week with the participation of all the invited banks, according to people familiar with the deal.

Peruvian cement and concrete company Unión Andina de Cementos (Unacem) begins a roadshow on Tuesday ahead of a debut international bond issue to be used to finance the acquisition of Lafarge Ecuador.