JP Morgan

Heinz’s jumbo bond backing its acquisition of US foods group Kraft topped off the dollar market’s best ever quarter and half-year for high-grade corporate issuance.

Heinz rounded out an impressive debt financing exercise on Wednesday for its merger with Kraft, adding modestly sized euro and sterling bonds to the $10bn seven tranche dollar issue it had done on Tuesday.

Kennedy Wilson Europe Real Estate issued £300m of seven year bonds on Wednesday, dividing market opinion. Some bankers said the deal looked cheap and poorly supported.

Constantia Flexibles has become the second borrower to pull a repricing from the leveraged loan market this week, as investors call time on the surge of such deals.

China’s Ctrip.com International took the equity-linked market by storm on June 18, raising a mammoth $1.1bn via a dual tranche convertible bond, marking the largest issuance in Asia ex-Japan ex-onshore China since 2010.

Kennedy Wilson Europe Real Estate raised £300m of seven year bonds on Wednesday, but divided market opinion, with some bankers saying the deal looked cheap and poorly supported.

Heinz rounded out an impressive debt financing exercise on Wednesday for its merger with Kraft, adding modestly sized euro and sterling bonds to the $10bn seven tranche dollar issue it had done on Tuesday.

The corporate bond market got back on its feet with vigour on Wednesday, as Capgemini in particular impressed, with a hefty size and even heftier order book for a triple tranche deal — though it had to pay a large new issue premium.

Ahold and Delhaize, the Dutch and Belgian food retailers, will not assume new debt for their all-equity merger. But with combined syndicated credit facilities of €1.4bn, there is room for refinancing ahead.

Chinese search engine Baidu raised a jumbo $1.25bn as it jumped into the short window between positive news of Greek debt negotiations and the launch of Bank of China’s mega deal this week. Baidu’s dual tranche offering crossed time zones to draw in investors from Asia, Europe and the US.

Korea Resources Corp (KoRes) has successfully secured an additional funding of $120m with a tap to its existing notes, while China SCE Property opened books for its first outing to the dollar bond market in two and a half years.

Export-Import Bank of Korea (Kexim) completed its return to dollars in style this week, selling a SEC registered dual tranche deal that drew over $2bn of demand. Amid a high level of volatility due to concerns over Greece, bankers chose a good window for the Korean policy bank, which was able to meet its size and pricing goals.