JP Morgan

Two Chinese issuers in the commodities sector – China Oilfield Services (COSL) and China Minmetals Corp – launched bookbuilding for dollar bonds on July 23. But there was little concern about the competition as the borrowers only looking to raise $1bn each and bankers were confident about the amount of liquidity in the market.

The European high yield market this week saw towering deals like SoftBank’s $4.5bn and Synlab’s €1.1bn, but investors also found a place in their portfolios for smaller notes.

Beni Stabili, the Italian property company largely owned by Foncière des Régions, priced on Thursday a €200m convertible bond at a 0.875% coupon and 32.5% conversion premium.

Austrian insurer Uniqa Group proved that subordinated debt is back on the table on Monday, paving the way for Ibercaja to print a tier two.

The primary market for peripheral European covered bonds leapt back to life this week after a 12 week hiatus, with investors queuing up to buy a series of deals that emerged in quick succession.

Armenian financial Ardshinbank priced a $100m five year amortising deal on Wednesday, and became one of only a handful of CEEMEA borrowers in recent years to offer a 12% yield.

Synlab, the German laboratory services provider, is being acquired by private equity firm Cinven. The deal will be partly funded with €1.08bn of high yield debt which was priced on Thursday.

Gazprom is asking for consent to modify the terms and conditions of its £500m 5.338% loan participation notes due 2020.

Barbados-headquartered insurance company and financial services group Sagicor Financial Corporation will meet fixed income investors next week ahead of a potential senior unsecured bond issue that it plans to use to buy back existing debt.

Armenian financial Ardshinbank priced a $100m five year amortising deal on Wednesday, and became one of only a handful of CEEMEA borrowers in recent years to offer a 12% yield.

Three Chinese issuers came out on July 23 with new bonds. China Oilfield Services (COSL) and China Minmetals launched bookbuilding for dollar offerings, while Capital Juda started taking bids for a offshore renminbi (CNH) bond.

Banca Popolare di Vicenza, the 150 year old Italian bank, has picked three banks to lead its initial public offering in Milan.