Europe

Two green issuers from China are wooing buy-side accounts for new bonds, with Concord New Energy Group and Bank of China collecting investor orders from Wednesday morning.

Swiss telecom group Salt Mobile printed a high yield fixed rate issue on Tuesday, its second deal this year, as it replaced floating rate notes with new bonds. They were priced at the wide end of guidance.

The CEO of Russia’s largest retailer Magnit is selling a block of Rb41.4bn ($700m) worth of Moscow-listed shares, to fund his subscription to a capital increase, also announced this evening.

Three issuers launched social bonds on the same day on Tuesday, which is likely a first for the SSA market. They raised a combined €1.5bn across five, seven and 10 years, with two of the deals managing to make dramatic moves in pricing thanks to what one banker called "superb conditions".

NAC Aviation 29, a subsidiary of Danish aircraft lessor NAC Aviation, is looking for $200m-equivalent in the Schuldschein market. The deal surprised some in the market unfamiliar with the company, as did its choice of arranging bank.

If there was a measured pace to corporate bond issuance on Monday, on Tuesday it roared back to the frenetic pace seen the week before. A triple tranche dual currency deal by BT was the largest deal of the day, but the other trades offered a lot of variety for investors.

The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants.

Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.

Santander Consumer Bank is set to issue its first Pfandbrief on Wednesday after it mandated lead managers for a roadshow last week.

DBS Bank became the first covered bond issuer from Singapore to price a deal through mid-swaps on Tuesday.

HSBC will speak to investors from Tuesday about its new sustainable development goal (SDG) bond framework, with a deal expected to follow.