Goldman Sachs

Dollar corporate bond supply kicked off November on a quiet note after the the Federal Reserve’s two day meeting kept borrowers on the sidelines following a frantic start to the week when spreads continued to tighten and cash poured into the high-grade market.

On Thursday night the French government sold a 4.7% stake in Renault, the car maker, via an accelerated bookbuild that was priced without any discount, thanks largely to its removal of an overhang. The stock leapt on Friday.

The Bank of England raised its base rate for the first time in more than 10 years on Thursday — but analysts described the move as a “dovish” and “pessimistic” hike. Gilt yields fell following the move, providing a potential boon for a UK Debt Management Office (DMO) syndication next week.

Investment boutique Green Ash became the newest player in the corporate high yield market this week, with its short dated speculative grade bond strategy set to include a large allocation to UK credit.

A trio of Chinese firms begun pursuing IPOs in the US this week that could raise more than $1bn between them.

China Huarong Asset Management Co priced an almost $3.4bn five tranche bond in two currencies on Tuesday, restarting supply from Chinese financial institutions after the sovereign repriced the curve last week.

China Jinmao Holdings Group priced its third perpetual bond of the year on Monday, raising $300m from a subordinated deal that will mainly be used to repay bank loans.

China Huarong Asset Management Co started taking bids for a five tranche, dual-currency bond on Tuesday morning. It wants to become the first Chinese financial institution to sell offshore bonds after the sovereign tightened the curve with a landmark deal last week.

China Jinmao Holdings Group was back in the market on Monday morning with its third perpetual deal of the year, this time approaching investors with a subordinated structure.

Sogou, the internet search arm of US-listed Sohu.com, has kicked off bookbuilding for a $585m IPO on the New York Stock Exchange.

TMF Group, the Dutch business services company, has abandoned its plans for an IPO on the London Stock Exchange in favour of a sale to CVC Capital Partners.

China Huarong Asset Management Co is gearing up a return to the offshore bond market for the third time this year. The mandate came right as China completed its first international bond in over a decade achieving a oversubscription of over 10 times.