HSBC

On Thursday, the sterling corporate bond market reminded participants it was still going strong after the euro market had dominated the first half of the week. Petroleos Mexicanos, also known as Pemex, and Western Power Distribution followed the success of Wednesday’s deal from Manchester Airport.

The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.

If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.

Principality Building Society has picked banks to arrange a roadshow for a new sterling-denominated senior unsecured bond, marking the issuer’s first visit to the market in any currency since before the financial crisis.

Suntec Real Estate Investment Trust printed a S$300m ($220m) convertible bond off the back of solid aftermarket trading in recent new issues, although some bankers think the window could be closing soon.

Emirates Sembcorp Water & Power has named leads for its first deal, a $400m secured amortising note due 2035, and begins meetings on Thursday.

Thailand’s Siam Commercial Bank is courting investors for a dollar bond, to be sold through its Cayman Islands branch, while China Minsheng Banking Corp is also marketing a transaction through its Hong Kong arm.

Bookrunners on China Development Bank Corp’s debut international green bond have released price guidance for a dual-tranche transaction featuring dollars and euros.

The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.

The Agence Française de Développement (AFD) managed to pull its spread in by 6bp from price guidance on its six year green bond issue today, attracting a heavily oversubscribed book full of investors seemingly ready to buy at any price.

Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.

With political unease in Saudi Arabia contributing to increasing buy-side aversion to Middle Eastern credit, leading Dubai bank Emirates NBD paid a 5bp-10bp premium for its new five year note on Tuesday.