JP Morgan

China Development Bank sealed a $1.56bn dual-currency bond on September 29, coming to the market on a day of immense volatility in global stocks. But anchor orders helped save the deal, which saw very little demand from international investors.

The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.

A supranational has mandated for a dual tranche dollar benchmark, amid signs that issuers are willing to pay up to get size. But Sweden took a different route, pricing a $1bn deal arguably through its curve.

Gazprom has released roadshow dates for a euro bond, but is going ahead with the meetings without Deutsche Bank on the mandate.

China Development Bank opened books on September 29 for a dollar-euro combo, taking advantage of a small issuance window before China begins its Golden Week holidays on Thursday.

The leads on HM Sampoerna’s Rph20.8tr ($1.4bn) follow-on have told investors that the trade is covered across the price range, after the Indonesian unit of Philip Morris International attracted a slew of long-only investors.

A European sovereign will sell a short dated dollar benchmark on Tuesday, but a weak market backdrop and tight swap spreads are likely to hold other issuers back from bringing deals in the currency.

Several public sector borrowers are tipped to come into a reopened dollar market next week — but some SSA bankers warned that conditions are still not at full strength.

The European high yield market appeared to have woken up this week with three roadshows and €900m on offer — but only one borrower has printed, and investors have now little hope of an unequivocal improvement any time soon.

Banco Popular Español (BPE) and Caja Rural de Castilla-La Mancha (CRCLM) issued Cédulas this week that were barely subscribed and relied heavily on demand from the European Central Bank.

Swedbank and SR Boligkreditt defied tricky market conditions this week to respectively raise €1.25bn and €500m in five year covered bonds.

Proximus, the new name for Belgian telecoms company Belgacom, issued a €500m no-grow bond on Monday, achieving a high oversubscription for the deal.