HSBC

Chilean state copper company Codelco became the latest in a run of EM issuers to debut in euros on Wednesday, taking advantage of strong demand for yield and a beneficial basis swap to price inside where it could have priced a dollar bond, according to a banker on the deal.

Webhelp, the French call centre operator, has set an original issue discount of 99.5 on its €120m increase to an existing €275m loan.

Chilean copper company Codelco has set the final spread for the a 10 year euro issue at 93bp over mid-swaps, inside the 95bp-100bp range indicated earlier on Wednesday. The deal’s size is indicated at around €500m, but has not been set, said a syndicate official.

Peripheral European borrowers are set to benefit from a lack of competing supply and red hot demand this month. Conditions are strong enough this week for Portugal to launch a dollar bond in the tricky 10 year maturity, despite troubles affecting one the country’s leading banks — plus a short benchmark execution window.

Bahrain Steel launched a $340m seven year syndicated loan into the market on Wednesday morning.

Redco Properties Group, the Chinese residential property developer, is meeting fixed income investors this week. Should a deal follow, it will be the borrower's first ever bond.

Odebrecht’s oil and gas arm reopened recently issued perpetual notes on Tuesday, taking advantage of a strong market to raise another $150m in an opportunistic trade.

Daimler launched a €500m 10 year bond today that showed quite how divided investor opinion can be about some instruments at the moment.

Chilean copper company Codelco has mandated HSBC, Deutsche Bank and Santander to arrange a 10 year euro denominated bond, its debut in the currency. Investor calls are taking place on Tuesday for the deal.

Corporate credit spreads in Europe are about as tight as they have been in this economic cycle, yet this week’s new issues — including a rare issue from Robert Bosch — suggested investors are exercising discrimination.

Wm Morrison Supermarkets, the UK’s fourth largest food retailer, issued a £300m 15 year bond last Friday (June 27), which reaffirmed the bond market’s continued support of the company despite its widely known operating difficulties.

Titan Cement of Greece has launched a €300m five year bond to refinance debt and for general corporate purposes.