JP Morgan

A Dutch agency has become the latest public sector borrower to dip into a record breaking sterling market for the year so far, after mandating banks on Wednesday for a deal.

Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

Bahrain’s decision to revive last week's cancelled bond sale was driven by reverse enquiry from investors who were unperturbed by the issuer’s new junk status, according to bankers on the deal.

The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.

The Middle East has provided the only source of CEEMEA supply so far this week. Bahrain bounced back to hog the spotlight, returning to tap $600m of bonds less than a week after an unexpected Standard & Poor’s downgrade led the issuer to cancel a previous $750m attempt. Meanwhile, yet another Latin America sovereign came to the euro market.

Mitsubishi UFJ Financial Group successfully wrapped up Asia’s first bond that meets total loss-absorbing capacity (TLAC) requirements on Tuesday. By providing a strong benchmark in this new asset class, the transaction is set to encourage more issuance from Japan.

Hong Kong Broadband Network has hit the syndicated loan market for HK$700m ($90m) to fund its acquisition of telecom businesses Concord Ideas and Simple Click Investments.

The African Development Bank is set to bring its first benchmark of 2016 in what is proving to be a quiet week for dollar deals.

The European Stability Mechanism raised €4bn on Tuesday with a dual tranche deal at the long end of the curve, printing a 10 year bond through mid-swaps while hitting €1bn on a tap of a 40 year bond.

Heathrow has extended the maturity of its £1.4bn revolving credit facility, signed November 2014.

Saipem’s unfortunate €3.5bn capital raise could have wide-ranging consequences for other firms desperately in need of fresh cash to weather the commodities downturn.

The high yield market in Europe issued just $1bn of new deals in January, the lowest January figure since 2009.