Euro

Once US Thanksgiving has passed, investment grade corporate bond bankers normally look to execute their last deals of the year before spending their days deciding what to buy their nearest and dearest for Christmas.

Bpifrance on Wednesday became the second euro borrower to fail this week to reach full subscription, selling a €500m deal from a book of around €425m.

Export-Import Bank of China (Chexim) extended its curve with a 30 year dollar bond on Tuesday, part of a multi-tranche deal in which it raised a hefty $3.275bn in two currencies.

Unédic completed its funding programme for 2017 with a seven year benchmark on Tuesday, selling into a market eager for French paper. Bpifrance will look to capitalise on the same appetite after mandating for a Wednesday deal.

Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.

On Tuesday, American fast food chain operator McDonald’s sold the sixth reverse yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.

Chinese issuers are storming the debt market this week, with Tuesday seeing the Export-Import Bank of China (Chexim), Shanghai Commercial Bank and Oceanwide Holdings Co among the borrowers enticing investors.

Unédic has announced that it intends to sell a seven year benchmark from its unguaranteed Neu MTN programme on Tuesday, in what is likely to be the borrower’s final benchmark of the year.

Eurozone public sector bond prices were largely unmoved late on Monday afternoon, despite talks to form a coalition government in Germany collapsing in the small hours of the morning.

Corporate bond issuers are using this week to prepare investors for the last window of issuance of 2017. Monday saw more issuers add their names to the roadshow schedule in Europe as TLG Immobilien used the quiet conditions to issue its debut bond.

China’s Liaoning Fangda Group Industrial Co and BlueFocus Communication Group Co are meeting investors this week for their first international bond offerings. Huarong Real Estate Co, meanwhile, will hit the road for a euro deal.

The Export-Import Bank of China (Chexim) is holding investor calls on Monday for its third offshore transaction of 2017, opting again for a combination of dollars and euros, and possibly its first 30 year dollar bond.