JP Morgan

No less than three dual tranche corporate bond deals hit the market on Tuesday, as BMW, Abertis, and AbbVie jostled for the attention of investors with €2bn, €1.5bn and €1.4bn deals.

Fresh from the announcement of a new stimulus package by the European Central Bank last week, investors stormed into the euro public sector bond market on Tuesday, led by KfW and Bpifrance. The latter printed €1.25bn, equaling its biggest ever single issue. The strong momentum is set to continue with a string of mandates, including two supranationals for Wednesday.

A brace of dollar deals came to the market on Tuesday, with Rentenbank and Council of Europe squeezing into the market for $1bn apiece amid high expectations of an impending rate cut as the US Federal Reserve meets.

Italian banks are taking advantage of excellent new issuance conditions, as investors re-establish their confidence in the country's new government. On Tuesday it was Banca Monte dei Paschi’s turn to do so with a euro-denominated preferred senior bond, one day after UniCredit and Intesa Sanpaolo.

Russian petrochemicals firm Sibur was able to print $500m of five year paper in its return to the bond market this week, brushing off news of a drone attack on Saudi oil infrastructure and a subsequent 10% jump in the oil price.

Shares in fertilizer miner Sirius Minerals plummeted as much as 60% on Tuesday morning after the company was forced to finally pull a $500m high yield bond offering it had postponed in August.

Most investment grade corporate bonds issued over the past weeks have had intermediate to longer tenors, but on Monday issuance tilted towards the shorter end, as GlaxoSmithKline printed two negative yielding tranches.

KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.

Banco Sabadell and ASB Finance launched senior bonds in the euro market on Monday, with the former hitting the ‘sweet spot’ of investor appetite and the latter struggling to achieve the same level of demand as its Kiwi peer ANZ New Zealand had last week.

The blow to oil production in the Middle East seems to have boosted demand for Russian petrochemical giant Sibur's five year dollar benchmark on Monday — the issuer’s first bond in two years.

Chinese logistics company Best has sealed a $175m convertible bond, benefitting from a jumbo anchor order from Alibaba Group Holding.

Alpek, the petrochemicals business of Mexican conglomerate Grupo Alfa, sold a $500m 10 year bond on Wednesday at the tight end of expectations to become the latest in a line of Mexican issuers to tap the primary market in September.