JP Morgan

Guarantor: Kingdom of Spain

Public sector issuers from the eurozone periphery this week drew big books on deals that later tightened in secondary trading, as expectations that Italy could be added to the long list of European elections this year failed to deter investors.

Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.

France’s GDF International exited its holdings in India’s Petronet LNG via an accelerated bookbuild on Thursday that priced near the bottom of expectations to raise Rp31.6bn ($491.4m).

Ivory Coast was on track with its dual tranche dollar and euro offering with the latter drawing plenty of attention from market commentators who referred to the pricing on offer as “insane.”

Hong Kong’s FWD Group and AMTD Group Company have started taking orders for their respective unrated perpetual bonds. The former is seeking a zero coupon subordinated deal, while the latter is marketing a senior transaction — its second international offering.

A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year.

Industrial Commercial Bank of China’s London branch and subsidiary signed a self-arranged $1.25bn facility in an oversubscribed deal with 16 banks on Tuesday. The deal follows a spate of lending by the bank in emerging market deals.

Peruvian state-owned oil company Petroperu will issue bonds maturing in between 15 and 30 years, said Standard & Poor’s, as the company meets investors.

China Merchants Bank printed its inaugural international floating rate note this week, becoming the first joint stock bank from the country to do so. It priced its bonds close to fair value.

Corporate bond bankers in Europe appreciated the break in primary market activity on Monday after the busiest May on record. Bankers said giving investors time to digest the latest trades would help demand remain strong in the coming weeks.

Société Générale has opened the books for the Paris flotation of ALD, its car leasing business, which if completed, will be the largest French IPO since asset manager Amundi went public in November 2015 for €1.6bn.