Deutsche Bank

US Treasuries rallied even further this week, leaving many market participants scratching their heads – but corporate borrowers did not waste the opportunity.

Signs of life emerged from the chrysalis that has covered the dormant Russian loan market this week when London-listed Russian steel firm Evraz launched the first new loan since the Ukraine crisis. But the threat of more sanctions and the reduced exposures of US and Japanese banks mean that Russian borrowers will have to borrow in radical new form compared with earlier in the year, according to senior loans bankers. Michael Turner reports.

Deutsche’s talk of being the last man standing sent a clear message to its arch-rival, writes David Rothnie

Syndicate Bank made a return to the dollar market with a 5.5 year Reg S issue on Wednesday. The borrower is the first Indian name to appear in international markets after the Narendra Modi-led Bharatiya Janata Party (BJP) landed a sweeping victory in the Indian elections on May 16.

Logan Property Holdings printed its inaugural international issue, a five year non call three dollar bond, on Tuesday. Dealers brought the high yield borrower to the market after seeing fewer headwinds against Chinese property.

Chinese car maker BYD Company’s strategy to focus on size rather than price helped it raise HK$4.3bn ($550m) from the issuance of primary shares on May 23, an increase from the target of HK$3.2bn. Books were covered even before launch, but the company still priced the trade at the bottom of its marketed range.

Chris Yoshida, Europe, Middle East and Africa head of interest rate distribution at Morgan Stanley, is joining Deutsche Bank in a new role in New York.

OC Oerlikon, the Swiss high tech manufacturing company, issued its second ever bond on Tuesday. Investors flocked to buy the five and 10 year paper, reaffirming the issuer’s credentials after a difficult period following the financial crisis.

Equity analysts, Barclays shareholders, regulators and even journalists have all had a pop at fixed income trading of late. Apparently, it’s too expensive to run and doesn’t make enough money. Too many people, too much capital (leverage or RWAs to taste) and too many banks involved. So it is refreshing to hear the case for staying the course in the business.

French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.

América Móvil could bring its long awaited tap of its global local Mexican peso bonds shortly after mandating banks for a roadshow, though the bluechip telecoms company will face some investors unhappy that liquidity in the innovative instrument has not materialised as promised.

Logan Property Holdings launched its debut transaction in international markets on Tuesday with a five year non call three dollar issue. Although the non-investment grade developer is a relatively new name, it ranks well among Chinese property companies for financial health, and the deal is said to have gotten off to a solid start.