JP Morgan

Germany’s largest residential property company Vonovia attracted €4.5bn of demand for its latest deal on Thursday, as the property sector continues to be one of the more popular in the corporate bond market.

IBM returned to the euro corporate bond market for the first time since 2017 on Thursday, to sell its largest ever deal in the euro market and to push into a maturity not seen from a corporate issuer so far in 2019.

Oesterreichische Kontrollbank’s decision to mix up this week’s dollar supply with a three year benchmark reaped rewards on Thursday, as it recorded one of its largest ever allocations to central banks and one of its tightest ever US Treasury spreads. But some SSA bankers believe the dollar market might need a “breather” after a rampant start to the year.

Thames Water sold roughly £220m of US private placement notes this January.

The Republic of Turkey has returned for a bond in euros after the $2bn note it sold earlier this month rocketed in value.

South Korea’s KEB Hana Bank has locked up a dual-tranche sustainability bond at zero new issue premium, appealing to investors with its strong credit story and rarity value in the public dollar market.

Club-style Chinese deals were back this week as Peking University Founder Group Co raised $150m from a three year bond and Yankuang Group grabbed $215m.

The public sector dollar market on Wednesday showed that it had more than enough depth to cope with a pair of issuers bringing deals in the same maturity with just a basis point of difference in initial price thoughts, as both trades came in size and at tightened pricing. Another agency is set to dip into the demand on Thursday.

Two SSA borrowers will go head to head in the dollar market on Wednesday, bringing five year benchmarks with only 1bp difference in initial price thoughts.

Spain came to market on Tuesday, printing its traditional January 10 year euro benchmark and receiving an overwhelming level of demand.

New issuance returned to the corporate bond market on Tuesday as Auchan and Vonovia attracted €8bn of demand for their new deals after two days without any trades. The new issuance spreads they paid differed markedly however.

Belgium’s Solvay has signed a €2bn sustainability-linked revolving credit facility, as the chemicals company progresses with one of the most ambitious decarbonisation undertakings in its industry.