JP Morgan

Vonovia, the German residential property company, returned to the market on Monday to sell €744m of new shares on an evening where markets had largely sold off because of fears about growing tensions between the US and China.

Novolipetsk Steel (NLMK), a Russian steelmaker, is embarking on a roadshow to market a dollar benchmark bond with a five to seven year maturity as issuers and investors brush off the risks of further US sanctions on the country.

Mexican state-owned oil company Petróleos Mexicanos (Pemex) was the highlight of a difficult start to the week for Latin American bonds. But though news of a new $8bn loan allowed it to outperform the market, analysts warned its troubles were far from over.

Dollars burst into life on Monday with Nordic Investment Bank (NIB) and FMO opening books, as bankers away from the deals point to the ‘EIB effect’ in making the market too hot to resist.

There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule.

A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

Belgian brewer Anheuser Busch InBev has taken the first step toward floating its Asia Pacific operations on the Hong Kong Stock Exchange.

Rating: Aa1/AAA

Rating: Aaa/AAA/AAA

European corporate bond investors showed they were hungry for paper on Thursday, despite the gloom infecting equity markets this week about the prospect of a restart to the China-US trade war. A flurry of issuers came to the market, hot from roadshows, and got plenty of over-subscription while slashing their spreads by 20bp to 30bp.

Gold Fields, a South Africa-headquartered mining company, sold its $1bn dual tranche bond on Wednesday at a spread that looked historically tight to comparable issuer, AngloGold. It attracted $3bn of orders despite national elections on the same day.

Two African borrowers are set to hit the road for dollar bonds, extending a run of deals from the continent after a slow start to the year.