JP Morgan

Greece vanquished fears that its return to the capital markets on Thursday could be a Trojan horse full of fast money, with a deal that attracted a majority of real money investors and more than 90% international participation. Around 600 accounts filled an over €20bn book in just one hour, causing one lead manager to declare the deal a “gold rush”.

Six bank and finance names raised $14.5bn in the space of three days, boasting bulging order books and minimal new issue concessions as investors scrambled for extra yield.

While the focus in euros this week may have been on Greece’s blowout return to the capital markets, two other issuers were able to sell successful trades of their own. The European Financial Stability Facility and Unédic breezed through seven year trades, though syndicate bankers worry that a quiet patch lies ahead with few agencies keen to issue.

Volkswagen’s thirst for funding appears unslakeable at present. The first three months of this year were its busiest quarter for issuance ever, by a wide margin, and since April began VW has also been pumping out deals.

FGA Capital, the car finance company jointly owned by Fiat and Crédit Agricole, sold another blowout bond on Wednesday, after a run of highly sought-after deals.

Monier has sold its €565m of bonds and loans in floating rate products only. The French roof tile maker priced €315m of high yield FRNs and €250m of term loans and scrapped a fixed rate bond tranche, even though fixed rate interest would have been marginally cheaper.

Aktia Bank launched and priced its second euro covered bond benchmark on Monday, in a deal that exceeded the issuer's pricing and distribution expectations despite investor concerns over Finland’s relationship with Russia.

Sydney Airport launched its first bond in Europe on Thursday, achieving a successful distribution at pricing more attractive than it could have obtained with a deal in sterling — in some ways the obvious market for a long dated, secured infrastructure bond.

The International Finance Corporation completed its $1bn offshore Indian rupee-linked bond programme on Thursday, pricing a seven year bond. Bankers expect the successful completion of the IFC’s programme to widen the range of investors involved in offshore rupee deals, while the issuer is already laying the ground for further deals.

Oaktree Capital sold its entire holding in recently floated central and eastern Europe-focused alcoholic drink firm Stock Spirits Group on Monday night. It was an accelerated bookbuild for a possibly unprecedented 500 average trading days volume in the shares.

Turkey priced a €1bn 12 year euro transaction almost flat to its secondary curve this week, although there was some disagreement about where the borrower's outstanding euro bonds were trading before the new launch. But bankers on the bond argued that a slim concession, strong oversubscription and an impressively granular book had made the deal a clear success.

Giant Investment pushed the play button on its fundraising this week, launching an $850m loan on Wednesday to back the going-private of New York-listed online game developer Giant Interactive. The deal will shine a light on the comfort level of lenders for gaming credits — and if all goes well it is likely to set a precedent for other names to follow, writes Rashmi Kumar.