Deutsche Bank

Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.

Biopharmaceutical company HutchMed (China) kicked off the roadshow for its HK$4.68bn ($602.7m) Hong Kong IPO on Friday, placing more than half of the shares in its third listing with cornerstone investors.

Hybrids and crossover rated corporate bond issuers hit screens this week, as the thirst for yield returned to the European market.

Office owners and operators found a warm reception in the high grade corporate bond market this week, with investors and analysts growing increasingly bullish on the sector despite the risks it faces.

Heimstaden Bostad, the Swedish housing company, had a trickier time in the market with its hybrid capital issue on Thursday than Poste Italiane had a day earlier, suggesting that there is still some sectoral sensitivity among yield-hungry corporate bond buyers.

Bank Julius Baer, the operating company of the private Swiss bank, took an unusual approach for its debut euro issue this week as it raised €500m of senior funding with the yield set at 0% from the outset.

Naturgy Energy, the Spanish gas and electricity utility, has doubled the size of its revolving credit facility in an amend and extend exercise, the latest demonstration that the balance of power in the loan market remains firmly on the side of the borrowers.

Tyre manufacturer Gajah Tunggal had to battle weak sentiment around Indonesian credits to sell a $175m bond this week.

eHi Car Services tapped its 2024 notes for an additional $150m on Wednesday, bringing the total deal size to $450m.

Europe’s high grade bond market hosted issuers at both ends of the rating spectrum on Wednesday, with Italian transmission company Terna and Singapore’s Ascendas Reit finding ample demand for their higher rated debt.

GlobalCapital reveals today the winners of its Bond Awards 2021, including celebration of the achievement of top corporate banks and issuers — and Lifetime Achievement Awards for two of Europe’s most prominent corporate funding officials.

China Aoyuan Group’s attempt to woo investors to its $200m bond with a generous yield fell flat on Tuesday. Recent concerns about the property developer’s leverage, and the subsequent fall of its dollar bonds in the aftermarket, held investors back from the new deal — and caused a further spiral in secondary. Morgan Davis reports.