HSBC

One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.

Bolloré, the French investment company, gave investment grade euro corporate bond investors their first unrated deal of the year on Wednesday, and managed to tighten its pricing by 25bp.

UK cable and mobile operator Virgin Media on Wednesday plugged its refinancing bond offering into the sterling market on Wednesday, raising total potential sterling high yield bond sales to near £1.7bn so far this year.

British American Tobacco’s acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry, loan bankers believe.

China Development Bank priced a mammoth five tranche deal Tuesday, raising more than $4bn across three dollar and two euro tranches, making it the first Chinese name to issue a euro deal this year.

Hong Kong-based insurer FWD priced a $250m subordinated, perpetual dollar denominated note on Tuesday off the back of a $6.75bn order book, making the deal around 26 times covered.

State Bank of India wrapped up Asia ex-Japan's first dollar bank issuance of the year while navigating a crowded primary market this week, snapping up $500m from a senior five year.

Hong Kong's United Photovoltaics and Chinese issuers Reward Science and Technology Industry Group Co, Beijing Capital Group and Yuzhou Properties Company all launched new dollar transactions Wednesday amid a flurry of pre-holiday issuance.

Just two months after its last outing, China Huarong Asset Management Co has returned to bond market with a new three year and a senior perpetual.

The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.

Paper packaging maker Smurfit Kappa launched a drive by benchmark euro offering on Tuesday, as it looks to refinance existing securitisation facilities.

A quartet of public sector borrowers are set to cram into the front end of the dollar curve on Wednesday, as bankers outlined a triple whammy of factors driving the squeeze.