Mizuho

High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.

SMC Global Power Holdings Corp was one of the few Asian issuers outside of China to turn to the dollar market this week. The Philippine borrower attracted ample investor support, allowing it to raise more money than it had first planned.

Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.

China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.

Woori Bank is preparing to make its Kangaroo bond debut, choosing the market to launch its first Covid-19 response bond.

Crossover credit Inwit showed that the return of risk demand is still going strong this week, with the Italian wireless infrastructure company drumming up €3.7bn of demand for its trade.

JSW Steel sold a $500m bond on Monday, but the issuer paid some 30bp of premium to close the trade.

Banque Fédérative du Crédit Mutuel made its annual visit to the Samurai bond market this week, raising ¥63.6bn ($600m) across three tranches in a senior preferred format.

Europe’s high grade corporate issuers secured another day of bulging order books on Wednesday, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.

Export-Import Bank of Thailand priced its $350m bond inside fair value on Tuesday, riding on its scarcity value in the international market, as well as a reasonably slow week for deal flow in Asia.

Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.

Argenta Spaarbank announced plans for a new non-preferred senior deal on Monday, as it looks to take advantage of the supportive tone set by other rare borrowers last week.