ING

The European investment grade corporate bond saw its first piece of Asian supply since CK Hutchison’s April bond as Bright Food Singapore issued a €400m deal.

Qatar National Bank will increase its loan from €1.5bn to €2.25bn, according to a banker close to the deal and top tickets receive all-in pricing of 126.7bp, according to a second banker.

Monday's three primary deals underperformed in the secondary market, causing deal flow to strike a lighter tone on Tuesday, with two corporates issuing modestly sized offerings.

China Hongqiao Group is in the market for a $700m three year loan that was opened for syndication this week via seven bookrunners, according to bankers working on the deal.

Belgium has sold a June 2040 private placement with a coupon linked to the European consumer price index, following in the footsteps of Italy which placed a 30 year inflation-linked note on May 4.

Allnex, the Brussels-headquartered coating resins business, has released price talk on its €760m cov-lite term loan ‘B’ while Amor, the German jeweler, has launched its €145m buyout debt package.

Paccar came to the European corporate bond market on Tuesday, as ever keeping it small when it issued a €300m three year bond that enthused investors, some of whom would have liked more of the US truck manufacturer.

Middle East banks are still drumming up strong demand from the loan market despite bearish ratings for the region this week, with Qatar National Bank and Emirates NBD testing the market.

After the extremes of recent weeks, with enormous order books and sometimes negative new issue premiums, Europe’s corporate bond market has reached a steadier cruising speed this week.

The vogue for gym IPOs looks set to continue, with Basic-Fit of the Netherlands announcing an intention to float on Tuesday.

Swiss chocolate manufacturer Barry Callebaut was on Tuesday five times subscribed on a bond offering after testing European investors’ palates during a five day roadshow.

Philips, the Dutch household electronics firm, has agreed about €1.7bn of loans for its Philips Lighting unit, giving the subsidiary access to standalone funding as it prepares for a public listing.