JP Morgan

With some $27.5bn of orders going unallocated in the Saudi Arabia's order book last week, the market is awash with liquidity — much of which has a proven interest in the Gulf. Abu Dhabi has wasted no time in trying to build on Saudi’s success, opening books on its own triple tranche bond offer on Monday.

Jordan dropped the 10 year bond sounded on its roadshow and choose to focus its attention on the long end on Monday, opening books on a 30 year bond at high 7% area.

The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.

Dollar borrowers failed to take advantage of pent-up demand and tightening spreads as US corporate bond supply recorded a lacklustre end to the month.

Saudi Arabia does not come to market often, but when it does, it does so in size — as this week’s $12.5bn sale proved. In the last 12 months, the Gulf state has raised more in dollar or euro syndications than any other sovereign. The issuer has shown remarkable commitment to weaning its economy off petrodollars as it enlists capital markets to help it plug a $53bn deficit, writes Virginia Furness.

Having made euro investors wait three years since its last deal, in 2014, Australian pallet and container provider Brambles finally returned to the single currency market on Tuesday, printing a deal with virtually no new issue premium.

Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.

Geo Energy Resources found success on Wednesday with its second attempt to sell a debut dollar bond, after waiting two months for a receptive market window.

Bawag, the Austrian banking group that has been owned by Cerberus since 2007, will attempt to go public in Vienna this autumn, with an IPO that will provide a serious test of the strength of investor demand for the European banking sector.

Saudi Arabia is having a good week — finally allowing women to drive, albeit not until June 2018, and bookbuilding for a third jumbo international bond. But investors are praying the sovereign does not step on the accelerator too hard and leaves some spread on the table to ensure performance, after a poor week for EM new issues.

Geo Energy Resources is making a second attempt at selling a dollar bond, two months after the Indonesian coal producer decided to cancel its transaction.

US machinery manufacturer, John Deere, returned to the euro corporate bond market on Tuesday, selling its second deal in September. The €500m five year deal was issued by the company’s John Deere Bank entity.