Mizuho

Qatar National Bank took $1bn from bond markets on Wednesday as it tapped investors for the second time this year, with just 1% allocated to Gulf Co-operation Council-based investors.

Qatar National Bank has tightened price guidance for its second international bond of this year and books are already in excess of 3bn for the $1bn-maximum trade.

The Japan Finance Organisation for Municipalities printed the first deal from its budding green bond programme on Tuesday, impressing onlookers with a large book and aggressive price move. The trade shared the market with a social housing bond from Cassa Depositi e Prestiti.

Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.

Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.

Three companies from the Greater China region sealed bonds on Tuesday, likely to be the last batch of issuers to tap the debt market before the Chinese New Year break begins. No Asian borrowers launched dollar deals on Wednesday.

FCA Bank launched a €750m two year bond on Tuesday that was increased to €850m and three times subscribed, as syndicate desks prepared for a lacklustre few weeks in the corporate primary market.

Greater clarity over Brexit is allowing UK banks to enjoy a warm reception in euros at the start of 2020, with Lloyds Bank Corporate Markets following two of its peers into the market this week.

Sun Hung Kai Properties took advantage of a favourable market backdrop and solid aftermarket performance of its latest dollar bond to return with a tap just four days after the original transaction was priced.

Thailand’s Central Retail Corp is on track to launch the country’s largest IPO, with bookbuilding for the deal set to open on January 20, according to a source familiar with the matter.

The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.

SMC Global Power Holdings Corp took advantage of an exceptionally bullish credit market, getting a peak order book of around $5bn for a $600m deal.