JP Morgan

The senior market experienced an explosion of activity on Tuesday following a quiet opening to the week, with three issuers taking to the belly of the curve to sell euro denominated deals. The five year area of the curve is expected to see more activity later in the week, as investors abandon the short end in search of yield.

Perusahaan Gas Negara has made a much anticipated return to the dollar bond market, printing a $1.35bn 10 year bond on May 12. Dealers took advantage of the positive momentum caused by Indonesian paper rallying in secondaries, and the borrower was able to achieve aggressive pricing to print inside its nearest comparable.

Encouraging Indian election exit poll results, a recent rating upgrade and rarity value helped Bharti Airtel price a jumbo dual currency dual tranche issue on Monday. Voracious investor appetite enabled the issuer to price flat to its existing curve, but ample leftover demand could see a replay of the hefty taps the issuer made on its debut dollar and euro bonds last year.

China Shanshui Cement has made its debut in the syndication market, launching into general a $300m three year facility for its refinancing needs.

Illinois Tool Works, the US maker of testing equipment, car parts, adhesives and many other products, broke a seven year absence from the euro bond market on Monday with a successful €1bn deal that included the first benchmark 20 year issue in the currency since last August.

Paroc Group, the Finnish maker of insulation materials, priced a €230m fixed rate non-call two year note and a €200m floating rate non-call one at par on Friday.

Spanish olive oil producer Deoleo will hold bank meetings this week to raise a loan of around €600m to refinance debt.

Nets, the Danish payment and information services firm, has set original issue discount guidance at 99.5 for its €1.2bn term loan ‘B’.

Indian telecommunications company Bharti Airtel launched transactions into two currencies on the same day. The issuer opened the books for a ten year dollar issue on Monday morning and a few hours later, it hopped over to the euro market where it opened the books for a seven year offering at the London opening.

Logan Property Holdings is meeting fixed income investors next week in Hong Kong and Singapore.

China Resources Land has priced a $350m tap of its 2019 bonds to take advantage of cheaper funding opportunities. The tap received good demand despite negative headwinds and a falling stock price caused by the corruption scandal engulfing the borrower’s parent company, China Resources. Bankers said that the news had no bearing whatsoever on the bonds.

Noble Group, a supplier of agricultural and energy products, metals and minerals, has increased the final size of its loan to $2bn from the launch size of $1.35bn, with an impressive showing in syndication that saw some 40 banks join in.