HSBC

Swedish speciality chemicals group Perstorp priced €1bn-equivalent of high yield bonds on Tuesday, grabbing the attention of investors with triple-C paper against an uncertain backdrop.

As expected, the loans for the leveraged buyout of Polish auction website Allegro are tightly priced, with tenors of six and seven years for less than 400bp.

Public sector borrower supply is beginning to trickle through after a volatile Monday, but bankers are warning that market conditions are far from perfect — and some issuers are still unwilling to take a chance on a deal.

Australia and New Zealand Bank issued its first euro-denominated covered bond in two years, but with less favourable market conditions investors have become more hesitant, and the deal attracted less than half the demand of one issued two months earlier by its New Zealand subsidiary.

Volkswagen Finance (China) has opted for a new structure with its latest return to the China auto ABS market with its upcoming Rmb3.98bn ($587m) Driver China Auto five trust set to feature a revolving pool for the first time.

Studio City, Shandong Ruyi Technology Group Co, Yanlord Land (HK) and Chengdu Xingcheng Investment Group Co are wooing investors for their respective Reg S bonds. Meanwhile, Shaanxi Xixian New Area Fengxi New City Development & Construction will go on a non-deal roadshow.

Bad debt manager China Huarong Asset Management hit the market on Tuesday with a new triple tranche dollar deal, its third debt-raising this year.

Greencore Group, the Irish convenience food supplier, has announced plans for a £439m rights issue to partly finance its takeover of Peacock Foods, a US competitor, alongside its preliminary full year results on Monday.

Nordea Mortgage Bank (NMB) has successfully issued its first deal. The choice of tenor, along with the issuer’s strong credit profile, and strong sentiment towards the Nordic region, were instrumental in achieving the positive outcome.

Potential lenders to the Z4.8bn loan for the leveraged buyout of Polish firm Allegro will meet in Warsaw on Thursday where the deal will be launched into general syndication.

Ceská telekomunikacní infrastruktura (CETIN) added to the trickle of EM bonds expected before year end on Monday and met investors this week for a euro denominated bond. The BBB rated issuer is hoping to benefit from demand from both EM and high grade corporate accounts.

South Korea’s Shinhan Bank is gauging investor interest for a dollar tier two subordinated bond, its second since it debuted in the bank capital market in March.