HSBC

Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate.

French supermarket chain Auchan attracted plenty of demand for its third consecutive January new issue but it had to pay a hefty new issue premium to ensure the deal got done. The supermarket sector is one of several retail sectors priming investors for poor annual results.

World Bank on Thursday added to a record breaking start to the year for public sector sterling issuance with yet another large trade. A German agency is set to bring another deal this Friday in a market that shows no signs of slowing down.

South Korea’s KEB Hana Bank has locked up a dual-tranche sustainability bond at zero new issue premium, appealing to investors with its strong credit story and rarity value in the public dollar market.

Club-style Chinese deals were back this week as Peking University Founder Group Co raised $150m from a three year bond and Yankuang Group grabbed $215m.

Following the success of Engie’s green hybrid bond the previous week, the French energy company’s Portuguese peer, EDP, launched its own version on Wednesday. While EDP’s deal did not achieve quite the same demand or tight pricing, the result was still a good one.

AC Energy raised $225m from the first public green dollar bond from the Philippines, a deal in line with its renewable energy-related ambitions.

Investors swarmed to Johnson Electric Holdings’ maiden dollar bond transaction, allowing the borrower to raise $300m from a nearly six times oversubscribed deal at its peak.

Three sterling deals hit the SSA market on Tuesday, bringing this year’s total volume to more than double last year’s and indicating that issuers and investors are yet to be put off by the confusion surrounding Brexit.

Kier Group shares perked up by as much as 1.6% on Tuesday after the UK construction company said it had parted ways with its CEO following the completion of its troubled £264m rights issue.

New issuance returned to the corporate bond market on Tuesday as Auchan and Vonovia attracted €8bn of demand for their new deals after two days without any trades. The new issuance spreads they paid differed markedly however.

Belgium’s Solvay has signed a €2bn sustainability-linked revolving credit facility, as the chemicals company progresses with one of the most ambitious decarbonisation undertakings in its industry.