ING

Volkswagen’s real estate arm has been forced to change the terms of its Schuldschein, after investors failed to flock to the deal. A borrower issuing a second round of terms or price guidance is rare in the Schuldschein market, but this happened to Telefonica Deutschland in January.

Peking University Founder Group Co, BOC Aviation and Yuexiu Property Co are meeting investors for their upcoming bond plans, while China National Chemical Corp’s Swiss subsidiary Syngenta is also gearing up for a mega deal.

Covered bonds issued this week by Compagnie de Financement Foncier (CFF), ABN Amro and ING Bank offered premiums well in excess of any other seen this year. The three deals repriced the secondary market and set a pattern that is likely to become more established over time.

ING Bank returned to the covered bond market after a five year absence on Thursday to issue a €1.75bn 10 year deal. A generous starting premium and a rise in 10 year swap yields helped to boost demand.

Ukrainian steel and mining company Metinvest sold its dual tranche five and eight year bond on Wednesday, but the thin oversubscription and pricing at the wide end of final price guidance have suggested a meagre appetite for hairier bits of emerging market debt.

Swiss telecoms provider Swisscomm found strong demand for its new corporate bond deal. However, investors were very clear on where they saw the value in the deal and the issuer had to pay significant spreads to ensure the deal’s success.

ABN Amro issued the tightest ever 20 year covered bond on Wednesday, but was obliged to pay a considerable new issue premium, causing a repricing of its curve and the market.

Ukrainian steel and mining company Metinvest has released initial price guidance for its dual tranche bond, which is bring printed in conjunction with a tender offer for the company’s 2021s.

Solusi Tunas Pratama, an Indonesian telecommunications company, has launched a $577m-equivalent dual-currency loan denominated in dollars and rupiah into general syndication.

A year after selling a $3.1bn-equivalent four-currency, six-tranche Belt and Road blockbuster, Bank of China is making a comeback with another Reg S only bond to support the initiative.

Turk Eximbank has signed a €544m loan, above its launch amount of €300m, to refinance debt and support its business backing exporters.

US beauty retailer Coty announced pricing at the wide end of guidance for its $2.45bn-equivalent of new leveraged loans on Thursday, while reaching the end of the roadshow for $2bn-equivalent of new high yield bonds.