Deutsche Bank

Yingde Gases Investment took advantage of strong technical demand for Asian high yield to price a deal capped at $250m on Thursday. Scarcity value – both in terms of size and sector – also buoyed investor support for the bond which had an order book 10 times subscribed.

Landesbank Hessen-Thüringen (Helaba) tapped the three year leg of its dual tranche issue from May on Thursday morning, mirroring the syndication strategy it used to tap the deal’s seven year leg in July — aggressive pricing and doubling the size of the issue.

Credit Suisse and Deutsche Bank each tested the depth of the senior unsecured primary market this week with taps of existing bonds, with both finding enough demand to increase their respective deal sizes to benchmark size.

Deutsche Bank took to the senior market on Thursday, tapping a five year floater. The deal is thought to have appealed to investors eager to pick up medium dated paper ahead of what is expected to be a quiet final four months to the year as banks shun senior debt in favour of cheap liquidity from the European Central Bank.

Many investors were disappointed on August 14 as a 50% increase option was not enough to satisfy demand for the sale of a block of shares in Indonesia’s Surya Citra Media. In the end, more than half were left empty handed in the Rph1.6tr ($137m) stake sale by the company’s parent, Elang Mahkota Teknologi (Emtek).

Yingde Gases Investment has opened guidance on the first high yield dollar bond from Asia ex-Japan since the markets quietened down at the start of August. Appetite for high yield credit still appears strong and the borrower’s existing bonds rallied after books on the new deal opened on Thursday morning.

Mobile phone company Xiaomi HK’s $1bn dual tranche loan has received commitments from 15 banks wanting to join at the mandated lead arranger and bookrunner level. The minimum commitment in the senior phase was $150m.

Mobile phone company Xiaomi HK’s $1bn dual tranche loan has around ten banks processing approvals to join at the mandated lead arranger and bookrunner level, for which the minimum commitment was $150m.

Indian state-owned oil company Hindustan Petroleum Corp has priced its $200m five year loan, which features a $100m greenshoe, at an all-in narrower than its most recent syndication that had a shorter tenor.

US corporate issuance slowed through the week as books thinned and issuers offered concessions in order to get deals done before the summer holiday season.

Bankers and investors are casting an increasingly critical eye on aggressive deals scheduled for launch in September, as relentless fund outflows indicate investors might not commit as willingly as they did in the first half of 2014.

Danish telecoms firm TDC has announced it is planning its first bond issue since KKR sold its remaining stock in the company in September last year. Nordic banks could pick up the mandates.