HSBC

Chinese dairy products manufacturer Inner Mongolia Yili Industrial Group Co made its inaugural appearance in the offshore bond market on Thursday. Huaxin Cement Co also printed its first dollar deal.

Flag-carrier Singapore Airlines issued a S$850m ($629.6m) convertible bond this week, taking advantage of a surge in equity markets to signal confidence to investors.

Klépierre, the French shopping centre operator, and UPM–Kymmene, the Finnish paper company, were two of a handful of names to receive raucous receptions from the bond market this week. Issuers benefited as a wave of market-friendly news turned the focus in Europe’s high grade bond market back to a risk on mode.

Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.

Financial institutions jumped into action this week, as positive news on the development of a Covid-19 vaccine led to superlative funding conditions in the euro market.

Allianz drew attention to an overlooked corner of the insurance bond market this week, when it became the first household name to sell a restricted tier one (RT1) deal. The arrangers think the roaring success of the transaction will help the asset class to attract a much more mainstream following.

Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.

Toyota Motor Credit Corp, the Japanese car finance company, opened books for a £500m six year bond on Thursday, as syndicate bankers said next week’s new issue market would be busy.

A flurry of Chinese corporations rushed to the dollar bond market on Wednesday, raising a total of $1.19bn between them.

The positive tone following Monday’s vaccine announcement has filtered through into the secondary market, compressing bank senior index spreads to an almost two month low.

Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week.

US banks have fared well in the Financial Stability Board’s latest assessment of firms' systemic importance, with JP Morgan no longer standing out as the riskiest bank in the world.