JP Morgan

Portugal breathed some liquidity into a pair of outstanding bonds on Wednesday with its first syndication since January, achieving much lower premiums than its last syndication, according to bankers.

The European Investment Bank added the latest piece of evidence that a socially responsible label can help drive demand at tricky tenors, as it sold a Climate Awareness Bond on Wednesday that was the largest 10 year dollar bond from a supranational or agency so far this year.

Mizuho Financial Group has raised $4bn from a triple-tranche bond to meet its total loss-absorbing capacity (TLAC) requirements. All three Japanese global systemically important banks have now issued such notes this year and market participants said investors and issuers are warming up to the product.

Equity capital markets teams at banks will need a very good second quarter to make up for the weak first one, which left volume more than 50% down on last year’s run rate in both Emea and the Americas.

Korea National Oil Corp (KNOC) navigated a crowded primary market on Tuesday to seal a $1bn dual-tranche bond. Thanks to the credit’s safe-haven status, onshore investors piled in, allowing the firm to price the deal flat to its existing curves.

Global Medical Real Estate Investment Trust, owned by Hong Kong-listed ZH International Holdings, is aiming to list on the New York Stock Exchange in a deal that could net $100m.

ArcelorMittal’s $3.015bn rights issue, as part of its $4bn debt cutting plan, was completed oversubscribed, the steelmaker said on Monday, despite the gloomy outlook for the European steel industry.

The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.

The phenomenal levels of demand hitting the investment grade corporate bond market were evident again on Tuesday, as German property firm Alstria Office was vindicated in delaying its €500m offering.

Portugal is lining up for its first test of the syndication market since the European Central Bank announced its latest round of monetary easing measures a month ago — measures that have had less effect on Portugal than its periphery peers.

Sunshine Life Insurance Corp has embarked on a roadshow for what would be its debut international offering, while Beijing Automotive Group (BAIC) is seeking approval to raise new debt.

The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.