JP Morgan

FWD Group raised $550m from an unusual subordinated five year bond, just a few days after announcing a $3bn acquisition of one of the largest life insurance firms in Thailand, SCB Life Assurance.

Guangzhou R&F Properties Co attracted a huge order book for its sixth dollar deal this year, while Hong Kong-listed Dafa Properties Group turned to anchor support for its inaugural offshore public bond.

Pampa Energía followed YPF into the international bond markets on Tuesday as Argentine issuers returned after a 14 month hiatus. Investors believe there is scope for certain corporates and even provinces from the country to take advantage of renewed market access.

Guarantor: Republic of Austria

Budweiser Brewing Company Apac cracked open its up to HK$76.4bn ($9.8bn) Hong Kong IPO this week, set to be the city’s largest listing in nearly a decade and the world’s biggest so far this year, with early investor orders coming in thick and fast. Jonathan Breen reports.

The Hong Kong Stock Exchange is sifting through three IPO applications submitted by Chinese companies in three different sectors this week.

Burgan Bank, a Kuwaiti lender, was able to raise $500m of additional tier one (AT1) capital on Tuesday, returning to the market ahead of its previous AT1’s first call date in September.

Tsinghua Tongfang Co has priced a smaller $300m deal, as investors appeared cautious amid an ongoing share sale. Yuzhou Properties and Shandong Guohui Investment Co returned to the market and saw big order books, the latter fueled by lead manager interest.

Colombian utility Empresas Públicas de Medellín (EPM) will begin fixed-income investor meetings on Thursday and could issue dollar bonds for the first time in 10 years as part of a $1bn-equivalent deal to refinance debt.

Bond market participants in Argentina say that more issuers from the country could look to pre-empt election-related uncertainty and take advantage of benign fundraising conditions after Pampa Energía followed in YPF’s footsteps with a 10 year deal on Tuesday.

Two German issuers returned to the corporate euro bond market on Tuesday, amid a thirst for risk among investors sparked by last weekend’s G20 meeting.

Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.