HSBC

The stampede by corporate dollar issuers continued into a second consecutive week with Italian energy giant Enel printing the largest ever deal by an Italian corporate in the US investment grade market, and the second biggest Yankee deal of 2017.

Rating: Baa1/BBB

Oman made its public market sukuk debt on Tuesday to raise $2bn with a well-supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount”, others said the deal came flat to its conventional curve.

UK corporates are preparing for the large UK banks to bring down their ring-fences, a move that could shake up the banking landscape and push more corporates to sign credit support annexes with their banks.

Higher beta corporate borrowers have shone this week to print eight bonds totalling €5bn, as investors were happy to fill their boots on cheaper paper after weeks of jumbo multi-tranche double-A rated bond issuance.

China National Chemical Corp (ChemChina) defied any jitters caused by Moody’s downgrade of China’s sovereign on Wednesday, pricing a senior perpetual bond. The only dollar debt issuer to brave the market, the state-owned company’s strong following helped it price inside fair value, said bankers.

Export Development Canada breezed through its first green bond issue of the year on Wednesday, building a book nearly twice subscribed and tightening 2bp from initial price thoughts.

Borrowers in the public sector debt market are still enjoying the afterglow of Emmanuel Macron’s victory in the French election but, with Ascension Day sidelining much of Europe and a UK bank holiday Monday, the pace is expected to slacken.

Vakifbank took advantage of seemingly insatiable demand for Turkish bank paper to raise $500m of five year senior funding on Tuesday.

China Citic Bank International issued its first Panda bond this week, pricing a Rmb3bn ($437m) three year. The proceeds will remain onshore, but it is understood the deal will help meet the borrower’s funding needs for both the mainland and Hong Kong.

China National Chemical Corp (ChemChina) opened books for a senior perpetual non call five bond on Wednesday morning, hitting the market soon after Moody’s downgraded the country’s rating.

Oesterreichische Kontrollbank (OeKB) returned to the sterling market on Tuesday, raising £350m with a five year deal.