Goldman Sachs
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A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper. -
Chinese social media platform Weibo Corp raised $800m from its inaugural dollar deal, with the bond tightening by 10bp in the secondary market on Thursday.
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Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.
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Medtronic, the Irish-registered US medical devices maker, returned to the euro bond market on Tuesday for a jumbo issue of €5bn, only three months after issuing a €7bn deal - a move that highlights the attractiveness of the euro market. Once again, Medtronic is using the money to buy back dollar bonds.
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The Republic of Austria received huge investor demand for its five year euro benchmark on Wednesday, despite the bond being priced with a yield below the European Central Bank’s deposit rate. The sovereign also took advantage of the rally in eurozone government bond yields to tap its outstanding century bond for a further €1bn.
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Travelodge is planning to dip into the sterling market to refinance all its bonds, issuing up to £440m in senior secured floating rate notes. It would take advantage of a window for UK issuance before the likely resumption of political worries in the autumn as the Brexit deadline approaches.
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Investors poured into Agence Francaise de Developpement (AFD)’s 10 year euro benchmark on Tuesday, allowing the French agency to issue its largest ever trade in the currency.
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Rentenbank failed to achieve subscription for its €500m 10 year trade on Tuesday, despite offering a positive yield and a maturity that has been labelled the ‘sweet spot’ in the euro public sector bond market.
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The Republic of Austria hired banks on Tuesday for a five year syndicated bond while seeking investor feedback for a 100 year issue as it looks to lock-in super cheap funding following the recent rally in eurozone government bond yields.
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Hong Kong-listed Luye Pharma Group sealed a convertible bond on Monday night, raising $300m from the increased deal.
