JP Morgan

Argentina could hardly have asked for more from Monday’s book building for its return to international bond markets as investors rushed into the largest ever order book for an emerging markets deal.

Distribuidora Internacional de Alimentación, the Spanish discount food retailer, issued €300m of five year bonds on a busy Monday when there were two other deals in the market.

Several of Europe’s IPOs moved forward today, with coverage and pricing updates and the launches of bookbuilds.

Eurofima was the sole issuer testing the euro waters on Monday, with bankers expecting a quiet second half of the month in the market after a frantic start to April in which issuers placed 12 benchmark deals.

The Asian Development Bank and Oesterreichische Kontrollbank hit screens with dollar deals on Monday, with ADB adding more supply to a burst of dual tranche trades that included deals last week by the World Bank and the Japan Bank for International Cooperation.

European high yield funds enjoyed their biggest ever month of inflows in March, with €3.2bn, according to JP Morgan research.

Wells Fargo quickly drew a large order book for a €3.5bn dual-tranche senior trade on Monday, as it became the first of the US banks to fund in euros after last week’s better than expected results.

Although the deal has taken longer than planned, the $150m loan for Africa Finance Corporation (AFC) will be increased following strong demand from Chinese banks, according to a banker on the deal.

The Emirate of Abu Dhabi has mandated three banks to roadshow dollar benchmark, jumping into the market for its first bond since 2009 ahead of up to $20bn of potential sovereign supply from the region this year.

Georgian Oil & Gas Corporation has moved a step closer to issuing its first bond since 2012, setting the tenor at five years.

The UK Debt Management Office (DMO) has mandated four banks for its re-opening of the 2.5% 2065 Gilt, which it has scheduled for the week beginning April 25, 2016.

Kia Motors Corp had a stellar response to its first dollar outing in almost five years, selling a dual-tranche bond on the back of what bankers say was one of the biggest order books achieved by a South Korean issuer. The combination of the strength of Kia's credit and its rarity value proved to be a winning recipe.