HSBC

Nan Fung International Holdings began marketing a new dollar bullet on Monday morning, the property developer’s second international bond this year.

Postal Savings Bank of China Co’s $7.25bn Basel III additional tier one bond from Thursday was one for the books, breaking numerous records with its size and price, while navigating around a downgrade of the sovereign.

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.

Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.

The Bank of England Monetary Policy Committee meeting last week created a midweek pause in sterling issuance. However, once the meeting passed, Land Securities reopened the market with a £1bn pair of long dated tranches last Friday.

The UK water and waste company Pennon, which owns South West Water and Viridor, got an overwhelming response to its £300m hybrid offering on Monday. Investors clearly signalled their approval of the unrated company’s growth strategy.

Engie, the French energy group, priced its second green bond transaction of 2017 on Tuesday. The triple trancher contained two green clips and took the issuer’s tally to six different green bonds. As issuers start to establish genuine green curves, they are starting to create their own sector, writes Nigel Owen.

The MTN market has produced a slew of dollar trades while the syndicated market was subdued by the midweek Federal Reserve meeting. Supranationals in particular have been able to pick up some sizeable dollar funding.

UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year.

Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.

Deutsche Bahn raised A$600m ($475.4m) with its debut Kangaroo bond on Thursday, making it the first German corporate to issue in the market.

CapitaLand Commercial Trust Management is looking to raise S$1.82bn for its acquisition of Asia Square Tower 2 through a combination of debt and equity.