JP Morgan

Two CEEMEA issuers — one of which is a Russian corporate — have mandated for bonds and are heading off on roadshows, ending a barren summer for the asset class.

Mizuho issued five year and 10 year senior bonds this week, fixing spreads for the two instruments at 65bp and 67bp, respectively.

Hipgnosis Songs, a UK musical intellectual property fund, has signed a £65m revolving credit facility. But it could be one of the last bits of sterling business this year, with loans bankers saying that any sterling deals close to being signed will probably be pushed back to next year.

Rabobank launched an additional tier one (AT1) bond with a record low coupon in the euro market this week. The Dutch bank started with price thoughts of 3.625%, but tightened by 40bp to smash through the previous record of 3.5%, set by Nordea in 2017.

Three new investment grade corporate bonds appeared in Europe on Friday, a slower pace than the frenetic one of Tuesday and Wednesday, but still adding €1.6bn to the already huge total of €15.5bn in the middle three days of this week.

Issuance is starting to resume after the summer break; however, this week a booming public market drew away investor and issuer attention from MTNs. Despite this, a range of established SSA, FIG and corporate borrowers have slipped in, with deals across core, niche and EM currencies.

After two huge days of corporate bond issuance, Thursday was much quieter, with issues only from Vier Gas Transport and SBB Norden — not because the market was worse, but just because most of the issuers that wanted to come this week had crowded into the first two days.

A pair of European agencies placed taps at the long end of the Kangaroo curve this week, printing at the nine and 12 year points. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of a global bond rally.

Lenders unconcerned as recession portents mount — Booking Holdings gets global group for revolver — Pemberton raises €3.2bn more for Europe’s mid-market — Eurotorg re-enters rouble debt market

Following what a banker on Wednesday's euro bond called the ‘richest syndication of all time’, the Republic of Finland is looking at a possible return to the dollar market.

The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.

Europe's corporate bond market opened emphatically for business on Tuesday, as seven issuers banished all memories of the summer holiday. Despite there being plenty of choice for investors, demand was high across the board. Multiple deals were two to three times oversubscribed, while the largest, a €3.5bn four trancher from Siemens, the machinery maker, was nearly 4.5 times covered.